The United States Stock Exchange and Securities Commission (SEC) He said the memecoins They are not considered financial instruments since they do not comply with the criteria established by the Howey test to be considered values. In this way, the SEC determined that those who emit and trade with this type of cryptoactive are not obliged to register before the body or comply with the federal traditional regulations on the values.
“The offer and sale of MEME currencies does not imply an investment in a company nor is it carried out with a reasonable expectation of obtaining profits from the business or management efforts of others. First, MEME coins buyers are not making an investment in a company. That is, their funds are not grouped so that the promoters or other third parties use them to develop the currency or a related company, ”they justified in a statement.
The SEC issued its opinion on memecoins in the middle of the $ Libra scandal
Through an official statement, the SC characterized this type of cryptoactive such as “A type of crypto inspired in Internet memes, characters, current events or trendswhose promoter seeks to attract an enthusiastic online community to buy the meme coin and participate in his trade. “
“Memecoins generally They are purchased for entertainment purposes, social and cultural interaction, and its value is mainly driven by market demand and speculation. In this sense, They are similar to collectible objects. In addition, generally They have limited or zero use or functionality. Given the speculative nature of Meme Coins, they tend to experience significant volatility in the market price and, often, are accompanied by statements about their risks and lack of utility, except for entertainment purposes or other non -functional purposes, “they deepened.
In that sense, from the MEC, they argued that: “It is the opinion of the division that the Transactions in the types of memecoins described in this statement do not imply the offer and sale of values under federal values of values“Because of this, they affirmed that:” As such, the people who participate in the offer and sale of Memecoins They do not need to register their transactions before the Commission under the Values Law of 1933 (“Law of Securities”) or comply with any of the exemptions of registration of the Securities Law. Consequently, neither buyers nor Memecoins owners are protected by federal laws of values“
As explained by the authorities of the American agency, this is because “in the first place, MEME coins buyers are not making an investment in a company. That is, their funds are not grouped so that the promoters or other third parties use them to develop the currency or a related company.”
In addition, they added that “Any expectation of profits that have meme coin buyers It is not derived from the efforts of others. That is, the value of the meme coins is derived from the speculative trade and of the collective feeling of the market, as a collection object. “
Despite this, from the SEC stated that, although this offer and sale is not subject to federal laws of values, “fraudulent behaviors related to them may be subject to execution or prosecution actions by other federal or state agencies under other federal or state laws.”
Along the same lines, they also added that this statement “represents the views of the personnel of the Corporate Finance Division (the ‘Division’). The statement is not a rule, regulation, orientation or declaration of the US Stock and Exchange Commission (‘Commission’), and the Commission has not approved or disapproved of its content. This statement, like all staff statements, It has no force or legal effect“
Forbes described the $ Libra scandal of Javier Milei as “the largest crypto robbery in history”
The $ Libra cryptocurrency scandal starring President Javier Milei Keep talking all over the world. The prestigious Forbes Magazine He talked about the scam generated to thousands of people and described it as “The largest crypto robbery in history“
One of the most important business sites in the world published a note in which he talks about the investigation facing the president after “Promote a cryptocurrency that collapsed in a matter of hours, vaporizing billions in value“
Last Friday, February 14, President Milei spread the so -called on his social networks “Long live the Project Freedom”, with axis in the marketing of the cryptocurrency $ pound and oriented, according to him, To finance investments in Argentina. The demand for the currency shot and It inflated its US $ 5 value until its creators withdrew earnings for US $ 87.4 million.
The cryptocurrency collapsed until its original pricewhich caused millionaire losses for thousands of people, not only Argentine followers of the libertarian, but also foreigners who trusted the publication of the president. Before the first accusations of fraud, Milei eliminated his post in “X”. Days later, he defended himself: “I didn’t promote. I just spread.”
Forbes Scandal Libra.jpg
In this sense, Forbes He described the scandal as “the main cryptocurrency theft in history.” “The figures paint a brutal panorama: 86% of the merchants who bought $ Libra lost money, With total losses that reached 251 million dollars, “the publication said.
“The Argentine President, Javier Milei, is in trouble after his brief incursion into the world of cryptocurrencies that he left the opposition asking for his impeachment and a judge initiating an investigation for fraud, “he added.
“Milei quickly erased the publication, claiming that he did not know the details of the project, but the damage was already done. Argentina’s lawyers, headed by Milei’s political opponent, Claudio Lozano, They filed more than 100 fraud complaints against the president and an Argentine judge opened an investigation“, continues the article.
Source: Ambito
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