Wall Street ends mostly flat after records, logs third winning week
U.S. markets closed mostly flat Friday, capping a third winning week out of four....
The Securities and Exchange Commission (SEC) has announced that meme coins are not considered securities and are therefore exempt from the federal laws governing financial instruments.
In its official statement, the agency compared meme coins to collectibles, noting that their value is derived primarily from speculative trading and the collective sentiment of the market.
According to the SEC, meme coins do not generate a yield or confer rights to future income, profits, or assets of a business. As a result, transactions involving these crypto assets do not meet the definition of investment contracts and are not subject to the registration requirements mandated by the Securities Act. While buyers of meme coins do not benefit from the protections provided by securities laws, any fraudulent transactions involving these assets could still be pursued under other federal or state statutes.
The SEC further explained that, for a crypto asset to be classified as a meme coin, it must be inspired by internet memes, characters, current events, or trends and primarily purchased for entertainment, social interaction, or cultural purposes. Meme coins are characterized by limited or no use or functionality and tend to experience significant market price volatility. However, the commission warned that crypto assets labeled as meme coins in an effort to evade regulation would still be considered securities if they do not fit this definition.
This decision aligns with the SEC’s recent shift toward a more accommodating stance on cryptocurrency. Earlier this month, the commission concluded an enforcement case against Coinbase over allegations of operating an unregistered securities exchange and dropped an investigation into Robinhood’s crypto listings and sales, reflecting a broader regulatory trend under the current administration.
The SEC stated that while it will not regulate meme coins as securities, it remains committed to evaluating the economic realities of transactions involving these assets. The agency’s approach underscores the evolving landscape of digital asset regulation as lawmakers and regulators continue to grapple with the rapid innovation and market dynamics of the crypto industry.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
Netflix has used generative artificial intelligence to produce a visual effects scene in an original series for the first time, marking a new step for the streaming platform.
Elon Musk’s xAI chatbot Grok has come under global scrutiny after users reported it using offensive language. It prompted warnings from experts that human intervention in its responses proves the need for a global AI ethical framework.
Major American corporations unveiled over $90 billion in new investments focused on AI and energy during the Energy and Innovation Summit at Carnegie Mellon University on Tuesday. The announcements come as President Donald Trump pushes to cement U.S. leadership in the booming tech and energy sectors
Nvidia has received approval from the U.S. government to sell its advanced H20 AI chips to China, CEO Jensen Huang announced.
Apple and mining company MP Materials announced a joint $500 million investment to develop a rare earth magnet recycling facility, with plans to bolster U.S.-based production and reduce reliance on China.
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