The crypto community is atwitter with discussion of the SEC guidance on memecoins.

One major point that is getting less airtime: it shows that the SEC isn't trying to become the Everything Regulator, like Gensler seemed to be trying to do.

The SEC has now expressly given an outer bound to their jurisdiction. We're watching a regulator actually self-regulate, and after the jurisdictional ambition of Gensler (far beyond just crypto) it can be easy to not even notice something that should be the norm.

Love or hate memecoins, a "real" memecoin (one that isn't just a pump & dump or rug masquerading as a community) isn't a security.

Memecoins might be an easy way to lose a lot of money, but there are LOTS of ways to lose a lot of money without implicating securities laws.