The SEC said it reached this decision because the coins do not “generate a yield or convey rights to future income, profits, or assets of a business,” and therefore cannot be considered a security. Instead, the SEC describes meme coins as “more akin to collectibles” and “typically have limited or no use or functionality.”
Why not? Why not? Trump's been shilling them and at the moment nobody dares to go against him!!
They aren’t securities, they are just fraud.
Look at the cautious language there. Every word seems to be saying the same but they are just afraid of the consequences they may face calling it a fraud!