Hester Peirce, head of the U.S. Securities and Exchange Commission’s (SEC) cryptocurrency task force, said Wednesday that most meme coins flooding the cryptocurrency market may be out of the agency’s jurisdiction.
What happened: During an interview with Bloomberg, Pierce was asked whether meme coin launches by President Donald Trump and First Lady Melania Trump made the SEC’s oversight of the cryptocurrency industry difficult.
“We always have to look at the facts and circumstances, but many of the meme coins that are out there probably do not have a home in the SEC on our current set of regulations,” the SEC Commissioner replied.
Pierce, affectionately known as “Crypto Mom, said that Congress or the CFTC was free to intervene and address the grey area.
Why It Matters: Pierce, known for her supportive stance on cryptocurrencies, was chosen to lead the agency-wide effort to develop a clear regulatory framework for the cryptocurrency industry.
The Republican previously criticized the Gary Gensler-led SEC for overstepping its authority and enacting restrictions that undermine the benefits that cryptocurrencies provide.
Notably, Trump, who promised to bring about a more lenient regulatory environment for digital assets under his watch, launched his meme coin Official Trump TRUMP/USD just before his inauguration last month. This was followed by an Official Melania MELANIA/USD launch by First Lady Melania.
There has been a lot of speculation that the first couple will benefit directly from the gains.
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