The Security and Exchange Commission (SEC) recently put out a statement classifying a meme coin as a type of collectible that is not subject to the agency's rules on securities. So it's sort of like comic books, baseball cards, or stamps that people invest in hoping they will go up in value. But unlike these examples, a meme coin, which is inspired by internet memes, characters, current events, or trends, does not actually exist as a tangible object., but is purely a digital asset that exists on a blockchain network. Why in the world anyone would want to buy something with absolutely zero intrinsic value, is beyond me. It's even crazier that dogecoin, the most popular meme coin, currently has a market cap of over 24 billion dollars.
The SEC statement related to meme coins is at the link below.
