The U.S. Securities and Exchange Commission (SEC) likely doesn’t have jurisdiction over many of the memecoins flooding the crypto market, SEC Commissioner Hester Peirce said in a Tuesday interview with Bloomberg.

“We always have to look at the facts and circumstances, but many of the memecoins that are out there probably do not have a home in the SEC under our current set of regulations,” Peirce said. “If that’s something Congress wants to address, they can do that. Maybe that’s something that the [Commodity Futures Trading Commission] wants to address. But many of those, I think, are probably not within our jurisdiction.”

Memecoins, unlike cryptocurrencies like bitcoin and ether, have no inherent value. For years, many in the industry have pushed back on regulating them like securities, arguing that they’re more like digital beanie babies or baseball cards than investment contracts.

Peirce’s hands-off stance is a marked shift away from the SEC’s approach to crypto regulation under former Chairman Gary Gensler, who frequently asserted that all crypto tokens aside from Bitcoin

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Author: Cheyenne Ligon