Community Group Launches NotWifGary Memecoin in Response to SEC Scrutiny
Summary:
A group of community members has launched a decentralized memecoin called NotWifGary (NWG) to oppose the Securities and Exchange Commission (SEC) and support Ethereum. The project, though piloted by individuals from the Linea zkEVM ecosystem, has no formal connection to Linea or Consensys. NWG aims to counteract regulators' assaults on digital assets, particularly Ethereum and open-source developers. This memecoin will be launched on Linea as an ERC20 token. However, the project has yet to officially start, and community donations will bootstrap its liquidity pool (LP).
A small assembly of individuals from various community circles have united to initiate a decentralized memecoin named NotWifGary (NWG), a venture that firmly supports Ethereum and opposes the Securities and Exchange Commission (SEC). This move is an answer to the increased scrutiny that regulators have been directing towards the crypto industry. Although certain NWG contributors are connected to the Linea zkEVM ecosystem, the project's originator Marco Monaco clarified on May 15 that NWG has no affiliation with either Linea or Consensys. We reached out to Monaco for an official statement but received no response by the time of publishing.
In reference to my association with the project, my involvement is strictly personal, without any formal representation of my role at @LineaBuild. There's no link between this project and Linea or @Consensys, despite $NWG aligning itself with similar entities to support their battle against the SEC.
Crediting the inception of the project to the "regulatory uncertainty" affecting Ethereum, Monaco, along with 11 "courageous buddies", pushed the idea of NWG. Coverage from Marco Monaco
Stemming from the official declaration of the NWG project on X on May 15, the project’s objective is to oppose Gary Gensler and the SEC, accusing them of unlawfully jeopardizing digital assets by threatening Ethereum and open-source developers.
NotWifGary [$NWG] will embody a memecoin, specifically, a CultureCoin. It’s set to thrive as a truly decentralized platform with a fair launch. The 12 advocates supporting the $NWG proposal are all exposed via the website http://notwifgary.xyz/ and the 100% allocation generated will be routed to a pool.
According to the project website, they plan to launch their memecoin on Linea, formatted as an ERC20 token, "delivered from a multisig wallet backed by Original Project Supporters". The NWG initiative hasn't officially commenced yet. To guarantee a "fair launch" and a "sufficiently decentralized" token, the community donations will bootstrap its liquidity pool (LP). However, these donations will not warrant any allocation of $NWG tokens, but contributors will receive the "$NWG Launch Team" SBT in return.
Furthermore, the SEC has recently begun to impose regulatory constraints on the renowned company, Robinhood, issuing a Wells Notice on May 4. This resulted in the NYSE listing of Exodus to be postponed on May 10.
As Democratic Party Representative Wiley Nickel stated on May 15, the SEC's actions have politicalised crypto, unnecessarily compelling President Biden to "take a stand" on the issue. Nickel's remark was a direct reaction to the proposed Staff Accounting Bulletin (SAB) 121 rule which necessitates SEC-reporting entities to document custodied crypto as liabilities on their balance sheets.
Published At
5/16/2024 4:48:48 PM
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