A small group of community members has launched a decentralized memecoin called NotWifGary (NWG), which takes an anti-Securities and Exchange Commission (SEC), pro-Ethereum stance.
This initiative comes in response to the SEC’s increased scrutiny of the crypto industry.
Though some NWG members have experience in the zkEVM ecosystem Linea, Marco Monaco clarified to Cointelegraph that “this is a personal initiative” for the entire team, emphasizing that the project is not affiliated with Linea or Consensys.
“This is like activism, a different form of it, peaceful and focused on fun,” Monaco explained.
As companies engage with the SEC, dedicating significant resources to legal battles, NWG aims to represent the community side, amplifying current events, creating talking points, and fostering a fun meme culture.
Monaco, along with 11 “brave friends,” attributed the project’s creation to the “regulatory uncertainty” affecting Ethereum.
If successful, NWG plans to establish a treasury and a DAO.
The goal is that companies facing legal challenges from regulators can propose to the DAO for partial coverage of their legal costs from the NWG treasury.
However, the immediate focus is on launching the memecoin.
On May 15, the official NWG project announced on X that it aims to “stand […] against Gary Gensler and the SEC, who are unlawfully threatening digital property by attacking Ethereum and open-source developers.”
NotWifGary ($NWG) is designed as a CultureCoin and will be launched in a highly decentralized manner with a fair launch.
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The 12 supporters of $NWG are fully transparent, with information available on http://notwifgary.xyz/. The entire token allocation will be deployed in a pool.
The project’s website states that the memecoin will launch on Linea as an ERC20 token, “deployed from a multisig wallet involving Original Project Supporters.”
The NWG project is not yet live and will have its liquidity pool (LP) bootstrapped through community donations to ensure sufficient decentralization and a fair launch.
Donors will not receive any $NWG tokens but will get the “$NWG Launch Team” SBT.
Recently, the SEC has taken regulatory action against Robinhood, issuing a Wells notice on May 4, which delayed Exodus’ NYSE listing on May 10.
Democratic Party Rep. Wiley Nickel commented on May 15 that the SEC was turning crypto into “a political football,” forcing President Biden to “choose sides” unnecessarily.
This comment followed the proposed Staff Accounting Bulletin (SAB) 121 rule, which mandates that SEC-reporting entities record custodied crypto as liabilities on balance sheets.
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