In light of the increasing regulatory scrutiny faced by the cryptocurrency industry, a new decentralized memecoin has emerged. Named NotWifGary (NWG), the project stands as a defiant response to the Securities and Exchange Commission’s (SEC) measures. Launched on May 16 by a small group of community members, NWG has taken a firm anti-SEC and pro-Ethereum stance, aiming to support open-source developers and the wider Ethereum ecosystem.
Project Details and Objectives
- Marco Monaco, a key figure in the NWG initiative, emphasized that the project operates independently from other entities, including Linea and Consensys.
- The NWG project aligns itself against the perceived unjust regulatory pressures imposed by figures like SEC Chair Gary Gensler.
- Through a CultureCoin classification, NWG is structured for decentralized deployment, with the original 12 project supporters overseeing the token allocation in a liquidity pool.
The official NWG account on X (formerly Twitter) conveyed the project’s mission to challenge the SEC’s actions targeting digital assets, particularly Ethereum and open-source developers. NWG will be launched on Linea as an ERC20 token, managed through a multi-sig wallet involving the original project supporters. Contributions to the liquidity pool, aimed at ensuring fairness and decentralization, are accepted without entitling donors to NWG tokens but rewarding them with the “Soulbound Token (SBT)”.
Democratic Representative Wiley Nickel expressed concerns over the politicization of crypto by the SEC, impacting decisions at the governmental level.
Recent developments within the SEC, including the potential departure of Commissioner Caroline Crenshaw and speculations surrounding Chairman Gary Gensler‘s tenure, have added to the regulatory uncertainty. Notably, cryptocurrency exchange Kraken has challenged the SEC’s allegations of operating an unregistered securities trading platform, signaling broader debates on regulatory jurisdiction.
