The Securities and Exchange Commission has said that meme coins are not under its jurisdiction.

The controversial industry recently came under fire after the launch of Trump Coin just days before Donald Trump’s inauguration as US President.

The token, which is owned by many key shareholders of the Trump Organization, soared to more than $70 in its first twenty-four hours of trading.

However, a massive sell-off soon followed, with TRUMP plummeting to $15.

Allegations of insider trading and fraud have been pouring in, but is it the SEC’s problem? In an interview with Bloomberg this week, SEC Commissioner Hester Peirce was asked whether new meme coins like TRUMP and MELANIA have created additional work for the regulator.

“Many of the existing meme coins probably don’t have a place at the SEC under our current set of rules,” she responded.

Meanwhile, the well-known media outlet The New York Times has published a report detailing the damage caused by the “Trump coin.”

According to the NYT and, in particular, the data collection company Chainalysis, about 1 million independent cryptocurrency wallets “lost” (on paper) $2 billion by investing in TRUMP.

At the same time, the deals made with exchanges in order to receive trading commissions allowed the Trump Organization to receive more than $100 million.

In any case, the huge reaction from the community shows how involved the world is becoming in the crypto space. A president issuing his own digital currency was almost unthinkable less than 12 months ago.

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