The Birth of NotWifGary (NWG)
In response to the Securities and Exchange Commission (SEC)’s increasing regulatory scrutiny of the cryptocurrency industry, a small group of community members launched a decentralized anti-SEC memecoin called NotWifGary (NWG) on May 16. The memecoin project aims to uphold an anti-SEC and pro-Ethereum stance, advocating for open-source developers and the broader Ethereum ecosystem.
“My involvement in this project is 100% at a personal level, and I’m not doing this in my official @LineaBuild role,” said Marco Monaco, a member of the NWG initiative.
The official NWG account expressed that the project stands against Gary Gensler and the SEC for threatening digital property by attacking Ethereum and open-source developers. NWG will be launched as a CultureCoin with a fair and decentralized approach, led by 12 original project supporters.
Political Ramifications and Regulatory Concerns
Democratic Representative Wiley Nickel criticized the SEC’s actions, stating that they are turning crypto into a “political football,” potentially pressuring President Biden to take sides. The proposed Staff Accounting Bulletin (SAB) 121 rule by the SEC, mandating SEC-reporting entities to record custodial crypto as liabilities, has received backlash.
Kraken recently urged the US court to dismiss the SEC’s claims of operating an unregistered securities trading platform, emphasizing the need for a debate in Congress regarding SEC’s jurisdiction.
Meanwhile, SEC Commissioner Caroline Crenshaw, known for her stringent views on Bitcoin, faces the possibility of losing her position in the face of regulatory changes. Speculations surrounding SEC Chairman Gary Gensler’s resignation have surfaced, albeit doubted by some in the media.
