In response to recent regulatory actions by the US Securities and Exchange Commission (SEC) targeting the cryptocurrency sector, a new decentralized memcoin, NotWifGary (NWG), was created.
This code represents a stance against the SEC’s approach to regulation, especially its impact on Ethereum and its developers. The NWG project, announced on May 15, positions itself alongside entities facing similar regulatory challenges.
Background and development of NWG
The NWG initiative is led by Marco Monaco and a group of eleven supporters, all of whom are publicly identified on the project’s website. Although some members are part of the zkEVM Linea ecosystem, Monaco explained that NWG operates independently of Linea and Consensys.
The token will be launched as an ERC20 token on the Linea platform, ensuring a fair launch through a multi-signature wallet controlled by the original project backers.
NWG aims to provide support to companies and developers to overcome challenges posed by SEC regulations. The project stresses that its liquidity pool will be funded by community donations, which will not result in any allocation of NWG tokens to donors.
This approach emphasizes the project’s commitment to maintaining decentralized and fair token distribution. Meanwhile, recent actions by the SEC, including Wells’ notice to Robinhood and the delay in listing Exodus on the New York Stock Exchange, highlight the increasing scrutiny and regulatory challenges facing the cryptocurrency industry.
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