The U.S. securities regulator has a lot of work to do, which is part of the reason it decided to clear the meme coins question off its agenda last week, commissioner Hester Peirce, the chair of the agency's crypto task force,

According to the SEC, the coins are more akin to "collectibles" and don't fall under the category of securities under federal law.

So-called meme coins, including those launched by the president and first lady, fail the SEC's Howey Test, the agency said.