SEC's Hester Peirce Says Many Memecoins, Including Trump Coin, Likely Fall Outside SEC Jurisdiction Amid $2 Billion Losses

Hester Peirce, head of the SEC's Crypto Task Force, stated that many memecoins likely do not fall under the jurisdiction of the SEC due to the current regulatory framework. In a recent interview, she emphasized that while each memecoin should be evaluated on its own merits, the majority do not fit within the SEC's existing regulations. Peirce's comments come amid a broader discussion on the regulation of cryptocurrencies, where she noted that the Commodity Futures Trading Commission (CFTC) might have the authority to regulate certain aspects of memecoins. This statement follows a notable decline in the market, with investors facing losses estimated at $2 billion, particularly referencing the Trump coin as an example of a memecoin that may not be subject to SEC oversight.