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.

The Securities and Exchange Commission issued guidance on Thursday saying it does not view most meme coins, which are crypto tokens that originated from

On February 27, 2025, staff in the SEC’s Division of Corporation Finance issued a public statement on so-called meme coins. According to the statement, meme coins meeting certain specified conditions will not be deemed securities for purposes of the federal securities laws.