SEC Chain: most cryptos are not securities. Ye West launches memecoin

Hey there!

This week was full of exciting crypto news and events. Let’s explore what happened over the past seven days in this digest 👇

quick weekly news

SEC Chair Atkins: There are very few tokens that are securities

Some good news arrived from the U.S. this week. SEC Chairman Paul Atkins spoke at the Wyoming Blockchain Symposium, where he shared some of the agency’s plans for regulating digital assets.

During his speech, he introduced “Project Crypto,” which will be based on legislation expected to pass in Congress. Paul also suggested that most tokens shouldn’t automatically be classified as securities:

“From the SEC’s perspective, we will move forward with the idea that the token itself is not necessarily a security, and probably isn’t. In my view, there are very few tokens that qualify as securities. It depends on the overall package and how it’s being sold.”

This marks a significant shift in the SEC’s stance compared to last year, when former SEC Chair Gary Gensler relied on the Howey Test to classify nearly every crypto asset as a security. That approach triggered multiple high-profile lawsuits in 2023, which caused sharp market volatility at the time.

Fed governor tells bankers DeFi is ‘nothing to be afraid of’

At the same Wyoming Blockchain Symposium, Federal Reserve Governor Christopher Waller reassured the private banking sector that there is “nothing to be afraid of” when it comes to crypto payments operating outside the traditional banking system:

“There is nothing scary about this just because it occurs in the decentralized finance, or DeFi, world. This is simply new technology to transfer objects and record transactions.”

Waller emphasized the Fed’s shift toward embracing crypto and its potential role in the U.S. payments system, noting that the central bank is already researching ways to integrate smart contracts into domestic payment infrastructure. His comments follow the Fed’s recent decision to end its risk-focused “novel activities supervision program” that closely monitored banks’ crypto-related activities.

He also addressed the fast-growing DeFi sector, stressing that such transactions follow the same logic as everyday payments. Waller compared the use of stablecoins to buy a memecoin with tapping a debit card at a grocery store to pay for an apple:

“I can go to the grocery store and buy an apple and use a digital dollar in my checking account to pay for it. I tap my debit card on a card reader to conduct the transaction. Finally, the machine prints out a receipt, which is the record of the transaction. The same process applies to the crypto world.”

MKanye West YZY memecoin hits $3B, but falls after insider concerns

This Thursday, artist Ye (Kanye West) announced the launch of his own token, $YZY, in a post on X. In the announcement, he shared a link to a new website, Yeezy Money, describing it as a “financial system built on crypto rails.” The $YZY token is designed to power transactions within the Yeezy Money ecosystem.

The platform introduces two key features:

• Ye Pay – a payment system supporting both credit cards and crypto.
• YZY Card – a global debit card supporting payments in $YZY and $USDC.

Within hours of its launch, $YZY surged to a market capitalization of $3B, before retracing back to the $1B mark.Source: DEX Screener

The sharp correction was largely driven by reports of insider activity. Allegedly, insiders purchased $YZY days before the official announcement, capturing the majority of early profits. According to Yeezy Money, the project deployed 25 contract addresses for $YZY, with only one randomly selected as the official token in order to discourage snipers.

However, data revealed that at least 94% of the token supply was held by insiders:

• 87% of the new Kanye token supply was owned by a single multisig.
• 3%+ was bought in a single transaction.
• 7%+ was concentrated in a single liquidity pool.

Google search interest for ‘alt season’ plunges over 50% from a week ago

Speaking of new tokens, Google Trends data shows that search interest for the term “alt season” has plunged nearly eightfold over the past seven days.Source: Google Trends

Such a steep decline traditionally signals waning interest in altcoins and, in some cases, may even hint at the approaching end of a bull market cycle. Historically, “alt season” is often seen as one of the final phases of a crypto bull run. However, some analysts on Twitter argue that this may not be the end of the cyclу, claiming it hasn’t even properly started yet. For instance, Cristian Chifoi, a crypto trader, suggested that the recent spike in searches for “alt season” was largely driven by centralized exchanges (CEXs) and their affiliates, who promoted the term heavily. 

According to him, this doesn’t necessarily reflect genuine investor enthusiasm for altcoins, but rather a marketing-driven surge. He also pointed out that Bitcoin dominance remains elevated compared to its May 2021 bottom, which may suggest that the market structure is still different from previous cycles.

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