SEC Determination: Memecoins are not securities, investors need to bear the risk
The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance has issued guidance on memecoins, stating that memecoins generally do not meet the definition of securities and are not subject to federal securities laws. The SEC believes that memecoins are primarily used for entertainment, social, and cultural purposes, and their value is driven by market demand and speculation, similar to collectibles, and often lack real utility or functionality. Therefore, the buying and selling of memecoins does not involve the issuance or sale of securities under the Securities Act and does not require registration or an applicable exemption.
The SEC cited the Howey test standards, stating that memecoin transactions do not involve investment in an enterprise with a reasonable expectation of profits from the efforts of others. The prices of memecoins are primarily determined by market speculation rather than the issuer's management or business activities. However, the SEC warned that if certain memecoins are actually securities or involve fraudulent behavior, they may be subject to enforcement actions under other federal or state laws.
Hester M. Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), issued a statement indicating that the SEC has formally withdrawn its civil enforcement action against Coinbase and will not take further action on the case. Peirce explicitly stated that she never supported the case and criticized the SEC's previous reliance on enforcement actions to regulate the crypto industry, which she believes has harmed the public interest, hindered industry development, and impeded the normal functions of the SEC's professional policy team.
Peirce pointed out that the SEC's broad application of the Howey test has led to regulatory ambiguity, making it difficult for compliant businesses to operate, while bad actors exploit the regulatory gray areas to evade legal liability. Additionally, the lack of a clear regulatory framework has forced many crypto companies to spend significant resources on legal compliance rather than product innovation. She believes that the SEC's previous practice of using enforcement actions to shape policy has not only misled the industry but also prevented the policy team from effectively participating in the development of industry rules.
She emphasized that the SEC has now established a "Crypto Task Force" to give the policy team the lead role in collaborating with the public to develop a regulatory framework applicable to the crypto industry. The dismissal of the case does not mean that the SEC is abandoning enforcement, but rather that future regulation will focus on policymaking rather than relying solely on enforcement actions.
SEC Plans to Withdraw Enforcement Action Against ConsenSys and Its MetaMask
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) plans to withdraw its enforcement action against ConsenSys' wallet tool MetaMask. ConsenSys CEO Joe Lubin stated on the X platform that the case requires approval from SEC commissioners, but the company welcomes the decision and emphasizes that it had prepared for a long-term legal battle.
The SEC filed a lawsuit against ConsenSys in June 2024, alleging that MetaMask was an unregistered securities broker illegally providing securities trading services. Prior to this, the SEC had concluded its investigation into Ethereum 2.0. This withdrawal is the latest action by the SEC under the leadership of Acting Chair Mark Uyeda to adjust its crypto regulatory strategy, having previously withdrawn cases against Coinbase, Gemini, Robinhood Crypto, Uniswap Labs, and OpenSea, and suspended litigation against Binance and the Tron Foundation.
OpenAI Releases GPT-4.5, Enhancing Knowledge Breadth and Interaction Naturalness
According to an announcement from OpenAI, GPT-4.5 has been officially released, with the initial batch made available to ChatGPT Pro users. Next week, the model will be expanded to Plus and Team users, followed by Enterprise and Edu users. The model has seen improvements in knowledge breadth, comprehension abilities, and user interaction experience, while reducing "hallucination" phenomena.
GPT-4.5 employs larger-scale unsupervised learning to enhance pattern recognition, logical connections, and creative generation capabilities, but does not possess reasoning abilities. Its improvements include stronger emotional intelligence (EQ), more natural dialogue experiences, and enhanced performance in writing, programming, and complex task automation. Additionally, the model supports file and image inputs, but currently does not support voice mode, video, or screen sharing. OpenAI stated that they will continue to optimize the user experience to make the AI more intuitive and user-friendly.
OpenAI GPT-4.5 API Officially Launched
Sam Altman Hints at OpenAI Potentially Launching a Social App to Compete with Meta AI
According to CoinDesk, the crypto and AI company Olas has launched Mech Marketplace, a decentralized platform that allows AI Agents to autonomously hire other AI Agents to complete specific tasks, improving collaboration efficiency. Olas is operational on multiple blockchains, including Ethereum, Solana, and Polygon, with the most active transactions on the Gnosis Chain. Currently, there are nearly 2,000 AI Agents deployed in the Olas ecosystem, with around 500 daily active users. Olas recently raised $13.8 million in funding and plans to launch the AI Agent app store Pearl, allowing users to own and manage their own AI Agents.
Olas co-founder David Minarsch stated that current AI Agents are not yet capable of independently completing all tasks, so specialized division of labor and a market mechanism for AI Agent transactions are necessary. The Olas ecosystem has already seen over 4 million transactions, with more than half being interactions between AI Agents. Mech Marketplace allows AI Agents to freely match their needs without pre-set interaction partners.
Uniswap Integrates Robinhood, MoonPay, Transak, and Launches Fiat Withdrawal Feature
Uniswap Labs has launched a native fiat off-ramp feature, allowing users to directly convert their crypto assets to fiat currency and withdraw to their bank accounts within the Uniswap wallet. This functionality is enabled through integrations with Robinhood, MoonPay, and Transak, and will be expanded to the Uniswap browser extension and website in the future. Users can exchange supported ERC-20 tokens for stablecoins like USDC and ETH, and then quickly withdraw to their accounts. Uniswap Labs stated that the feature covers over 180 countries, significantly improving the liquidity between crypto assets and fiat currency.
According to CoinDesk, the restaurant loyalty platform Blackbird has announced the official launch of its Flynet mainnet, integrating blockchain technology into its restaurant payment and membership reward systems. Flynet is a Layer-3 blockchain built on Coinbase's Base chain, aiming to reduce transaction costs, eliminate intermediaries, and provide innovative dining reward models.
Blackbird had previously launched a payment platform allowing users to pay for meals using the $FLY token, which can be acquired through restaurant spending or by purchasing with USDC. With the Flynet mainnet launch, $FLY will still be used for payments, but restaurants can also use the token to pay platform fees. Blackbird has also introduced a new token, $F2, to cover network gas fees and plans to airdrop 13% of the token supply to early users and restaurants.
Blackbird has raised $85 million in funding from investors including a16z, Coinbase, Spark Capital, and American Express. The platform is currently operational in New York, San Francisco, and Charleston, partnering with around 500 restaurants to drive the blockchain adoption in the dining industry.
Coinbase and NEAR Establish Open AI Alliance to Promote Decentralized AI Services
Sources: BitMEX Seeks to Sell, Appoints Broadhaven Investment Bank to Assist with the Transaction
U.S. Stock Market Close: Nasdaq Plunges 2.7%, Nvidia Drops Over 8%
Bybit Hacker Has Cleaned Up Over 50% of the Stolen ETH, Mainly Exchanging for BTC Through THORChain
According to Spot On Chain monitoring, the Bybit hacker has laundered more than 50% of the stolen ETH within a week after the attack, transferring a total of 266,309 ETH (about $614 million) over the past 5.5 days, accounting for 53.3% of the total 499,000 ETH stolen. The hacker mainly used THORChain to exchange BTC, transferring an average of 48,420 ETH per day. Currently, there are still 233,086 ETH remaining, and if the current pace is maintained, the remaining funds are expected to be fully washed within 5 days.
THORChain core developer warns of compliance risks, key team members are leaving one after another
Chainalysis: Crypto crime may exceed $51 billion by 2024
Chainalysis' 2025 "Crypto Crime Report" shows that crypto crime has entered an era of professionalization dominated by AI-driven scams, stablecoin money laundering, and efficient cybercrime syndicates, with illegal transaction volumes reaching $51 billion last year, breaking previous records. Preliminary estimates show that crypto crime will decline in 2024. However, deeper analysis suggests otherwise: criminals have adopted advanced money laundering techniques, relying on stablecoins, DeFi, and AI-driven deception, creating the illusion of a decline in crime.
Immunefi: 9 crypto hacking incidents in February caused $1.53 billion in losses
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