Odaily News Forbes published a column commenting on Trump's issuance of Meme Coin, saying that the issuance raised profound legal issues regarding the intersection of presidential power, securities law, and market integrity. This is not only related to the future of cryptocurrency regulation, but also to the fundamental question of the boundary between political office and private enterprise in the digital age.
The SEC's upcoming leadership transition portends a possible shift in cryptocurrency regulation, however, the fundamental legal principles remain the same and the personality and policy preferences of SEC leader Paul Atkins cannot override established securities laws. The Supreme Court's Howey test has been the cornerstone of securities regulation for more than 75 years and is not influenced by individual administrations and political appointments. While the SEC's enforcement priorities may change under new leadership, its statutory obligation to apply the Howey test remains absolute. This enduring framework for evaluating investment initiatives is independent of any Chairman's crypto-friendly stance or industry relationships.
The challenge facing Atkins’ SEC is to balance industry innovation with investor protection. While his background suggests a more tolerant attitude toward cryptocurrencies, the SEC must fulfill its responsibilities and enforce securities laws based on economic substance rather than form.
The article argues that the launch of TRUMP exposes a fundamental tension in contemporary American politics. While Trump has positioned himself as a champion of the cryptocurrency industry and pledged to make the United States the "global cryptocurrency capital," the structure and timing of his own digital token project suggests a worrying fusion of personal enrichment and political power. The concentration of token ownership in companies associated with Trump, coupled with the timing of the issuance just before the inauguration, raises questions about whether this represents real support for cryptocurrency innovation or is simply a clever attempt to further monetize the presidency.