"Brogan explained that memecoins may not be classified as securities under the Howey test."

However, memecoins could be viewed as securities if they are operated in a centralized manner and actively promoted. One particularly strange aspect of this case is the insider-trading-like launch. The coin was immediately available for exchange into real currency or other cryptocurrencies on centralized exchanges, which is highly unusual. This suggests intentional promotion.

in this regard, the claim that the memecoin is merely a collectible is questionable. Another notable aspect of the launch reportedly was that the issuer collected money not by directly selling coins, but through transaction fees, as though distancing themselves from any involvement in price fluctuations.

#memecoins

#howeytest