SEC Chairman Gary Gensler testifies on budget before a House Financial Services and General Government Subcommittee hearing on Capitol Hill in W
SEC Chairman Gary Gensler testifies on budget before a House Financial Services and General Government Subcommittee hearing on Capitol Hill. Reuters

KEY POINTS

  • A small group of Ether users and industry figures are launching $NWG
  • The creators said $NWG's community will be loud enough that politicians can't ignore it
  • The SEC has yet to provide clarity regarding ETH's status as a security

A new crypto memecoin community has just emerged from the fast-evolving digital assets space, but this particular memecoin, unlike others that are usually released for fun, is joining the market with a specific mission: stand against the U.S. Securities and Exchange Commission (SEC) and its chief, Gary Gensler.

The memecoin, NotWifGary ($NWF), was introduced to the crypto world Thursday by a small group of crypto users who are "tired of this regulatory uncertainty" as established by the SEC.

According to Marco Monaco, he and his 11 "brave friends" are looking to build up a memecoin community "that will be so loud that politicians can't ignore us anymore." Monaco said the group is particularly frustrated over the regulatory crackdown that blocks the Ethereum network from reaching its full potential.

Monaco is the growth lead and founding member of layer 2 zkEVM (zero-knowledge Ethereum Virtual Machine) equivalent dApp platform Linea, but he reiterated that NotWifGary is "not tied at all to Linea or Consensys," where Monaco is the EMEA Strategic Projects Director.

He went on to say that the small group of $NWG creators expect it won't be an easy road for the memecoin, having no allocation or upside, but he said the creators all believe "this is the price we have to pay to inspire trust in this token and build an organic community around it."

The NotWifGary website is already up, but the memecoin itself has yet to go live. The coin's website reiterates the founding community's stance that the SEC and Gensler should not be regulating open-source software as a security. Likewise, developers of open-source crypto or decentralized finance (DeFi) platforms should not be working with "fear of government punishment for contributing" to an open-source sector.

$NWG will launch on Linea as a vanilla ERC20 token with a supply cap of 69 billion tokens. Liquidity will be "100% locked for 66 years to honor Mr. Gary Gensler's age," and the memecoin will function around a community-funded Ether (ETH) liquidity pool via StationX on Linea.

The introduction of NotWifGary comes amid continuing pushback from the Ethereum community over the SEC's refusal to provide clarity on its stance regarding Ether's status as a commodity or a security.

Just last week, Gensler refused to answer a CNBC host who directly asked him whether ETH is a security or not, brushing the question off as not the "fundamental" concern in the crypto space at this time.

However, a Consesys court filing revealed that the Wall Street regulator already deemed ETH a security last year as it approved an investigation into the Ethereum network, dragging companies with Ethereum business dealings into the picture.

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