I think a way to look at it, from an SEC trying to do their job in a pragmatic manner, is 'a crypto currency is likely to be run by professionals, a memecoin is likely to be run by teenagers'.
SEC deals with oversight and regulation actions/cases against obstinant defendants all the time. That is hard because those folks know the law.
Trying to deal with a teenager or influencer who doesn't even have a concept of the securities law is not something they do regularly. It doesn't fit with their system of function, and would likely become an absolute doom spiral of wasted time and distracted effort. Imagine trying to do a deposition where every other response is 'skibidi'. Even if it worked what are they going to collect or recover? Other meme coins?
In short: Setting aside the fundamental logic of this position, the SEC is built to battle with Bobby Axelrod, not Huawk Tua girl and those are fundamentally different skillsets.
Just like the SEC handles stock exchange fraud and not door to door snake oil fraud ?
I guess that since some memecoins are now handled by high visibility people, the amount of fraud will soon be higher than securities fraud, especially since no entity deals with it.
SEC deals with oversight and regulation actions/cases against obstinant defendants all the time. That is hard because those folks know the law.
Trying to deal with a teenager or influencer who doesn't even have a concept of the securities law is not something they do regularly. It doesn't fit with their system of function, and would likely become an absolute doom spiral of wasted time and distracted effort. Imagine trying to do a deposition where every other response is 'skibidi'. Even if it worked what are they going to collect or recover? Other meme coins?
In short: Setting aside the fundamental logic of this position, the SEC is built to battle with Bobby Axelrod, not Huawk Tua girl and those are fundamentally different skillsets.