Anti-SEC creates ‘CultureCoin’ for regulatory theft
A few members of the community have come together to create a decentralized memecoin called NotWifGary (NWG) – a project that takes an anti-Securities and Exchange Commission, pro-Ethereum stance. This development follows the regulator's recent intensified focus on the crypto industry.
Although some NWG members have a background in zkEVM's Linea ecosystem, NWG member Marco Monaco told Cointelegraph that “it's a personal initiative” for the entire team — making it clear that the project has nothing to do with Linea or Consensys.
“It's like activism, it's different, it's peaceful and focused on fun. Companies dealing with the SEC today must focus most of their time and effort on litigation. NWG wants to be part of that community, highlighting what's going on, creating discussion points and working with meme culture to focus on the fun.
Monaco together with 11 “brave friends” created the project, which has an impact on “Ethereum” is “control instability”.
“If successful, NWG will have a treasury and DAO. The hope is that companies that are sued by regulators and have real issues with paying for legal costs can create a proposal for the DAO to get part of the costs covered by the NWG treasury. But that's a long-term mid-term situation. For now, the focus is on going live with this memecoin.”
The official NWG project was posted on X on May 15, and its goal is to “stand up to Gary Gensler and the SEC, who are illegally threatening Ethereum and open source developers with digital assets.” NWG added:
“It's not a wifey. [$NWG] It will be memecoin, specifically CultureCoin. In a truly fair startup, it goes live in a very decentralized way. The 12 project backers who presented $NWG are all Doxx. […] And 100% of the allocation is distributed in one pool.
On its website, the project states that Memecoin will launch on Linea as an ERC-20 token, “ported from a multi-sig wallet involving original project backers.”
The NWG project has yet to go live and is set to raise its Liquidity Pool (LP) through community donations to ensure the token has a “sufficiently decentralized” and “fair launch”.
“Donations do not provide any allocation of $NWG tokens. Donors receive the SBT of the ‘$NWG Launch Group'.
The SEC recently took regulatory action against the high-profile Robinhood company, issuing a Wells notice on May 4 and delaying Exxon's NYSE listing on May 10.
Related: Crypto Biz: SEC Targets Robinhood, Grayscale's Ethereum ETFs and More.
Democratic Rep. Willie Nickell said on May 15 that the SEC is turning crypto into a “political football,” unnecessarily forcing President Joe Biden to “pick sides” on the issue.
Nickel's comment follows the proposed rule of Staff Accounting Bulletin 121, which requires SEC reporting entities to record crypto holdings as liabilities on their balance sheets.
