A group of crypto enthusiasts has introduced a decentralized memecoin called NotWifGary (NWG) to oppose the Securities and Exchange Commission's (SEC) scrutiny of the crypto industry.
Marco Monaco and 11 other members of NWG cited "regulatory uncertainty" impacting Ethereum as the driving force behind the project.
Monaco described the project as a form of peaceful activism that seeks to engage the community and spark discussions through meme culture.
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The creators envision a future where NWG will have a treasury and a decentralized autonomous organization (DAO). Companies facing legal challenges could seek financial support from the treasury. However, for now, the primary objective is launching the memecoin.
The NWG project announced that NWG will be introduced in "the most decentralized way with a truly fair launch." All 12 project supporters have revealed their identities and the entire token allocation will be placed in a pool.
The NWG website indicates the memecoin will launch on Linea as an ERC-20 token, managed by a multisig wallet held by the original project supporters.
The SEC's recent regulatory actions have created a challenging environment for the crypto industry; the actions include Wells notices to Robinhood and Unicorn Swap, a $1.95 billion fine imposed on Ripple, and a lawsuit against Coinbase.
The announcement of NotWifGary came on the same day (May 16) that the US Senate passed a resolution calling for the SEC to repeal its rule that required banks to list customers' digital assets on their balance sheets.
As the SEC continues its rigorous oversight, initiatives like NWG highlight the industry's call for balanced regulation that supports innovation without stifling growth.
