NotWifGary Meme Coin Will Stand Against Gary Gensler And The SEC

Updated: 17 May 2024

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A group of crypto community members have joined forces to create a decentralized meme coin called NotWifGary (NWG) to battle the Securities and Exchange Commission (SEC) and its chair, Gary Gensler.

Through the launch of the token, the team aims to stand their ground “against Gary Gensler and the SEC,” according to a May 15 X post on the project’s official account. “NotWifGary [$NWG] will be a memecoin, more specifically a CultureCoin. It will go live in the most decentralized way with a truly fair launch.”

Both the Commission and its Chair, Gary Gensler, have been “unlawfully threatening digital property by attacking Ethereum and open-source developers,” the post added.

NotWifGary Not Launched Yet, Seeking Donations

NotWifGary has not been launched yet. The project’s website states that the meme coin “champions maximal decentralization,” and will rely mainly on ETH contributions from the community.

With no specific date for the launch specified, donations towards the initiative will be open until 8 a.m. GMT on May 22. These donations will then facilitate the initial liquidity on the Lynex decentralized exchange (DEX), the team said.

Unlike a presale, contributions will not be rewarded with tokens. Instead, donors will receive a soulbound NFT marking their support.

NotWifGary To ”Make Fun Of Regulators”

NotWifGary is meant to power an activist movement in an unconventional way by taking advantage of the light hearted and fun nature of the meme coin sector. Twelve “brave friends” are behind the project, with some having a background in the zkEVM ecosystem Linea.

Our goal is to build a solid and active community around $NWG that stands for a world where Ethereum is for ALL and to make fun of regulators coming our way. It's a non-violent form of activism to support Ethereum… with FUN.

— NotWifGary – $NWG (@NotWifGary) May 15, 2024

In addition to fueling a “fun” campaign against the SEC, the project’s team hopes to build and foster a community that strives for a world where everyone can utilize Ethereum. Any regulators that stand in the way of this pursuit will be made fun of, the team jokingly warned.

Crypto Community Fights Back Against SEC’s Attack On The Crypto Space

The creation of NotWifGary follows a flurry of legal confrontations between the SEC and the crypto community this year, when the regulator has issued Wells Notices to UniSwap and Robinhood to indicate potential enforcement action.

MetaMask creator Consensys hit back by suing the SEC for ”arbitrarily” trying to expanding its jurisdiction over Ethereum by classifying it as a security.

“If the SEC succeeds in designating Ether as a security, companies and developers would see years of work squandered and billions of dollars of economic value destroyed,” ConsenSys said.

Over the past few weeks, reports have revealed that the SEC is considering classifying ETH as a security, which would give a regulator viewed as hostile to the crypto industry jurisdiction over the asset.