Former Commodity Futures Trading Commission Chair Chris Giancarlo suggests that the Securities and Exchange Commission (SEC) shares some responsibility for the dominance of memecoins in the current crypto market cycle. Giancarlo believes that the SEC's enforcement actions with altcoins have created an environment where memecoins are the only viable option. This view is supported by former Binance CEO Changpeng "CZ" Zhao, who states that the SEC's lawsuits against utility tokens have led to the rise of memecoins. However, there is hope that the regulatory climate in the US may improve under the current administration, with the SEC launching a crypto task force to establish sensible regulations.



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