A decentralized anti-SEC memecoin called NotWifGary (NWG) was launched on May 16 by a small group of community members in response to the increased regulatory scrutiny of the cryptocurrency industry by the Securities and Exchange Commission (SEC). The memecoin project aims to take an anti-SEC and pro-Ethereum stance, advocating for open-source developers and the broader Ethereum ecosystem. The creators of NWG hope to build a vocal community that cannot be ignored by politicians, expressing their frustration with regulatory uncertainty hindering Ethereum’s growth.
NWG was created as a response to the heightened regulatory focus on crypto, especially by SEC Chair Gary Gensler. The memecoin project is part of a movement to push back against what its creators perceive as unjust regulatory pressure on the industry. While one of the members involved in the NWG initiative, Marco Monaco, is also part of the zkEVM ecosystem Linea, he clarified that this project is entirely separate from Linea and Consensys. NWG aims to support similar companies and developers in their challenges against the SEC, standing against Gensler’s actions that threaten digital property and open-source developers.
The official NWG account on X (formerly Twitter) announced the project’s launch, highlighting its mission to stand against Gary Gensler and the SEC’s threats towards Ethereum and open-source developers. NWG is classified as a CultureCoin and will be launched in a highly decentralized manner with a fair launch strategy. The 12 original project supporters, who are publicly known, intend to deploy 100% of the token allocation in a liquidity pool. NWG will be launched on Linea as an ERC20 token managed through a multi-sig wallet involving the original project supporters, with the liquidity pool bootstrapped through community donations to ensure decentralization and fairness.
The SEC’s actions in the crypto space have faced criticism, with Democratic Representative Wiley Nickel stating that the regulatory agency’s moves are turning crypto into a “political football” and putting President Biden in a difficult position of having to choose sides. The proposed Staff Accounting Bulletin (SAB) 121 rule, requiring SEC-reporting entities to record custodial crypto as liabilities on their balance sheets, has raised concerns within the industry. Additionally, there are rumors circulating about SEC Commissioner Caroline Crenshaw potentially losing her position, and speculation regarding Chairman Gary Gensler resigning, although this is seen as unlikely during an election year.
Amidst the SEC’s strict stance on crypto, cryptocurrency exchange Kraken has urged the US court to dismiss the SEC’s claims that it operated an unregistered securities trading platform. Kraken argues that the SEC’s broad interpretation of its jurisdiction through the Howey test could exceed its intended limits and should be debated in Congress. These developments reflect the growing tensions between regulators and the crypto industry, with projects like NWG emerging as a form of resistance against what they view as unjust actions and restrictions imposed by regulatory authorities.
