Meme 币变得合法对于 Meme 币来说是最糟糕的事情

当埃隆·马斯克在上次牛市期间半讽刺地支持狗狗币时，大多数人将其视为一个笑话：一个高调的商人在玩弄可笑的钱。

没有人再笑了。

如今，有一些真正的机构——从雪崩基金会到富兰克林邓普顿——愿意说模因币是区块链技术的合法用途。

这是 Node 时事通讯的摘录，该时事通讯是 CoinDesk 及其他领域最关键的加密货币新闻的每日综述。

您可以在此处订阅以获取完整的新闻通讯。

Solana 上有dogwifhat {{WIF}}、sillycat (SILLYCAT) 和popcat (POPCAT)。

在以太坊上，{{DOGE}} 仍然是领头羊。

然后是新兴领域“PoliFi”（政治金融的缩写），其代币包括 MAGA (TRUMP)、jeo boden (BODEN) 和 elizabath whoren (WHOREN)。

富兰克林邓普顿数字资产团队在最近的一份报告中写道，这些自以为是的笑话在过去一年中“由于其独特的性质”而广为流传。

这家金融巨头指出，自美国现货比特币交易所交易基金 (ETF) 发布以来，2023 年底开始的反弹势头才有所增强。

从某种意义上说，模因币正在达到逃逸速度。

Avalanche 基金会启动了一项“文化催化剂”计划，该计划已开始购买模因币，以支持其认为“具有文化重要性”的 Web3 项目。

富兰克林邓普顿（Franklin Templeton）（曾一度在 Twitter 上炫耀比特币爱好者的激光眼睛）将以太坊和 Solana 的使用日益增长部分归因于这些代币的“快速获利的机会”。

另请参阅：Memecoin 欺诈及其如何威胁以太坊文化 |

观点

然而，模因币项目似乎也在竭尽全力自我毁灭。

虽然关于模因币的传统观点是它们“没有潜在价值”，但越来越多的模因币创造者正在投入时间和金钱，让他们的项目脱颖而出。

这是一项有风险的交易。

例如，shiba inu {{SHIB}}，第一个也可能是最知名的 meme 硬币 dogecoin 的基于以太坊的竞争对手，正在构建一个完整的技术生态系统，包括自己的扩展层 Shibarium、去中心化交易所 ShibaSwap、Shiboshis NFT甚至是数字身份倡议和项目孵化器。

Dogwifhat (WIF) 是对“狗代币”趋势的一种演绎，在狗狗吉祥物上添加了一顶粉色无檐小便帽，在过去一个月内上涨了 600% 以上，筹集了超过 600,000 美元的 {{USDC}} 资金用于在洛杉矶的 Sphere 大型项目。

Whether these projects are aware of it or not, by looking to develop or market their tokens, they could be raising the ire of the U.S. Securities and Exchange Commission (SEC). It’s not really a laughing matter, considering the SEC has been more than willing to make an example of under-the-radar projects to make a point.

“Advertising would theoretically make it more likely for a court to find that an investment is a security, because ‘marketing’ is a factor in the application of the Howey test,” U.S. law professor Brian L. Frye told CoinDesk in a direct message, referring to the test the SEC deploys to determine whether an asset is a security.

Neeraj Agrawal, director of communications at Coin Center, a lobby group, echoed that point and cast doubt on an argument many meme coin projects like to project, that these are “community led” initiatives.

“Remember a lot of these meme coins are not decentralized in any real way. They may ride on a decentralized network, but it wouldn't surprise me to learn the contract itself is controlled by a couple of people,” Agrawal said. The basic definition of a security is whether there is “a team in control of this thing that is promising to do things that will increase the value of the thing,” he added.

Projects can certainly decentralize over time and gain stakeholders. Messari researcher Ally Zach wrote a guide (“Navigating the Memecoin Mania”) that tracks three critical metrics: “the rate of change in the number of holders, the ratio of new to returning daily buyers and the types of buyers.”

In particular, there is a “critical threshold” of 3,000 holders that tends to indicate a project is gaining traction. The next phase, characterized by the number of new buyers exceeding existing traders, typically sees holder counts jump to 10,000 and the involvement of whales without extreme market swings.

Dogecoin, launched in 2013 (and since renounced by its creator), is fairly well distributed, and its development activities are essential for keeping the network safe to use. While the biggest DOGE holder owns over 22% of the token’s circulating supply, there are also nearly 7 million dogecoin holding addresses (compared to 9 million wallets that hold solana {{SOL}}).

See also: The One Word That Defines Ethereum's Goals | Opinion

While there is a not-for-profit Dogecoin Foundation that coordinates development, the project benefited from launching during the proof-of-work era, which enabled a number of people to earn tokens by mining at home. Today’s breed of meme coins are dominated by a few large bagholders who got in early.

Likewise, the argument that these are nihilist jokes or acts of performance art, or that there’s no real expectation of profit, isn’t much of a legal cover.

“The likelihood of profit may be low or nonexistent, but people are still buying them at least in part because of the possibility they'll become popular & increase in value,” Frye said.

尽管如此，哥伦比亚商学院教授奥斯汀·坎贝尔认为，项目不能只是称自己为“Dog Co.，并拥有一个 memey 徽标”，并在不与证券监管机构发生冲突的情况下进行合法的商业行为。

但仍有细微差别的空间。

“美国证券交易委员会关于为什么这些东西是证券的理论显然是站不住脚的（例如，仅仅购买产品是不够的），”他说。

仅仅因为代币类似于证券，或者甚至是根据“投资合同”发行的，并不一定意味着基础代币是证券。

这是一个悬而未决的法律问题。

标签：MEME