@zherring

SEC proposed Regulation Crypto Assets, a (proposed) rulebook for token offerings. The parts I cared most about was the start-up exemption. Gensler's regulate-by-enforcement made memecoins something much bigger in the 2025 bull than it would've been otherwise. Prosecuting the most honest attempts at network tokens didn’t kill the animal-spirits urge to bid as much as nudge token's evolution towards a token format airgapped from any underlying value. It reminds me a lot of this concept in evolutionary biology: “survival of the fittest” doesn’t mean strongest or best all-around; it means best fitted to the environment. Memecoins are crypto xenomorphs: the most perfect expression of speculation airgapped from any underlying value. https://x.com/larryflorio/status/2089807913783103741

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