In response to the increasing regulatory scrutiny of the cryptocurrency industry by the Securities and Exchange Commission (SEC), a small group of community members launched a decentralized anti-SEC memecoin called NotWifGary (NWG) on May 16. The creation of NWG comes amid heightened regulatory focus on crypto by figures such as SEC Chair Gary Gensler. The anti-SEC memecoin is part of a movement to counter what its creators see as unjust regulatory pressure. The project will take an anti-SEC and pro-Ethereum stance, rallying support for open-source developers and the broader Ethereum ecosystem. The NWG initiative aims to create a vocal community that politicians cannot ignore, advocating for a less restrictive regulatory environment for Ethereum.
The NWG project is categorized explicitly as a CultureCoin and will be launched in a highly decentralized manner with a fair launch strategy. The 12 original project supporters plan 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. The liquidity pool for NWG will be bootstrapped through community donations to ensure decentralization and fairness. Donations will not entitle contributors to NWG tokens but will earn them the “$NWG Launch Team” Soulbound Token (SBT). The project aims to stand against Gary Gensler and the SEC, who are perceived as unlawfully threatening digital property by attacking Ethereum and open-source developers.
Democratic Representative Wiley Nickel criticized the SEC’s actions, stating that they are turning crypto into a “political football” and unnecessarily forcing President Biden to “choose sides” on the matter. Nickel’s comments came after the proposed Staff Accounting Bulletin (SAB) 121 rule, requiring SEC-reporting entities to record custodial crypto as liabilities on their balance sheets. Recent government records suggest that SEC Commissioner Caroline Crenshaw, known for her critical stance on Bitcoin and cryptocurrency, may lose her position on June 5. This news comes amid rumors of SEC chairman Gary Gensler potentially resigning, although some believe this is unlikely during an election year.
Kraken recently urged the US court to dismiss the SEC’s claims that it operated an unregistered securities trading platform, arguing that such claims could significantly reorder the US financial regulatory structure. Kraken believes that the SEC’s broad interpretation of its jurisdiction through the Howey test would unnecessarily expand its authority beyond its intended limits, a matter that should be debated in Congress. The launch of NWG and the increasing pushback against the SEC signify a growing movement within the cryptocurrency industry to challenge regulatory overreach and advocate for a more supportive environment for blockchain technology and open-source developers. The project aims to create a strong and vocal community that is dedicated to standing their ground against regulatory actions that they perceive as harmful to the industry.
