A small group of community members came together to create a decentralized currency known as MemCoin.
A small group of community members have banded together to create a decentralized memcoin known as NotWifGary (NWG) – a project that takes an anti-SEC and pro-Ethereum stance. This development follows recent intense regulatory focus on the cryptocurrency sector.
Although some NWG members have experience in the zkEVM Linea ecosystem, NWG founder Marco Monaco explicitly stated on May 15 that the project has no connection to Linea or Consensys.
Cointelegraph requested comment from Marco Monaco but had not received a response at the time of publication.
My involvement in this project is 100% personal and I do not do it in my official role @LineaBuild. This project is not at all associated with Linea or @Consensys, although $NWG will stand alongside similar companies and support them in their journey against the SEC.
Monaco, together with 11 “courageous friends,” attributed the creation of the project to “regulatory uncertainty” affecting Ethereum.
Official NWG project to publish on
NotWifGary ($NWG) will be a memecoin, more precisely CultureCoin. It will be launched in the most decentralized way possible with a truly fair launch. The 12 backers offering $NWG have been brought together and 100% of the allocation will be released into a pool.
The project says on its website that its memecoin will launch on Linea as an ERC20 token, “released from a multi-signature wallet that includes the project’s original backers.”
The NWG project has not yet launched and its liquidity pool (LP) is expected to be fueled by community donations to ensure the token is “sufficiently decentralized” and has a “fair launch.”
Donations will not provide any allocation of $NWG tokens. Backers will receive a “$NWG” SBT Launch Team.
The SEC recently took regulatory action against the high-profile Robinhood, issuing a Wells Notice on May 4 and delaying Exodus’ listing on the New York Stock Exchange on May 10.
Related: Crypto Biz: SEC Targets Robinhood, Grayscale’s Ethereum ETFs, and More
Democratic Rep. Willie Nickel explained on May 15 that the SEC was turning cryptocurrencies into a “political football,” unnecessarily forcing President Biden to “choose sides” on the issue.
Nickel’s comment follows proposed Staff Accounting Bulletin (SAB) Rule 121 that would require SEC reporting entities to record cryptocurrencies held as a liability on balance sheets.
