The beauty of the SEC’s statement on MemeCoins is its simplicity. The real question is whether something falls under the SEC’s jurisdiction—not whether it’s legal or illegal. If fraud occurs, other agencies can act. The guidance sticks to law and precedent, avoiding vague concepts like “decentralization.” MemeCoins aren’t securities because they don’t confer rights to income, profits, or assets. Their value comes from market sentiment, not managerial efforts. And without investment in a common enterprise, there’s no investment contract. This doesn’t have to be complicated.