May 16, 2024
Latest Cryptocurrency News

Regulatory Pressure Spurs Creation of Anti-SEC ‘CultureCoin’

Amidst heightened regulatory scrutiny on the cryptocurrency industry, a group of community members has banded together to create NotWifGary (NWG), a decentralized memecoin. NWG, advocating an anti-Securities and Exchange Commission (SEC), pro-Ethereum stance, aims to address the regulatory challenges impacting Ethereum and open-source developers.

Founder Denies Ties to Linea and Consensys

NWG Founder Marco Monaco clarified on May 15 that the project has no affiliation with Linea or Consensys, despite some members having a background in the zkEVM ecosystem Linea.

Moreover, Monaco emphasized that his involvement in NWG is solely personal, not official. He aims to support similar companies in their anti-SEC regulatory battles.

Aiming for Decentralization and Fair Launch

The official NWG project announcement outlined plans for a truly decentralized launch, emphasizing fairness and transparency.

“NotWifGary [$NWG] will be a memecoin, more specifically a CultureCoin. It will go live in the most decentralized way with a truly fair launch.”

NWG Project Official Announcement

Furthermore, the memecoin will be deployed as an ERC20 token on Linea, with a multisig wallet involving Original Project Supporters.

Most importantly, to ensure decentralization, NWG’s liquidity pool (LP) will be bootstrapped through community donations. Donors will receive the “$NWG Launch Team” SBT, without any allocation of NWG tokens. NWG’s inception comes amidst recent SEC actions against prominent entities like Robinhood and delays in Exodus’ NYSE listing.

In a similar way, Democratic Party Rep. Wiley Nickel also criticized the SEC’s approach, accusing them of turning crypto into a “political football” and putting undue pressure on President Biden to take sides. Nickel’s remarks follow the proposed Staff Accounting Bulletin (SAB) 121 rule. This rule aims to classify custodied crypto as liabilities on SEC-reporting entities’ balance sheets.

Image by freepik

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