Odaily reported that Forbes published a column article commenting on Trump's issuance of Meme coins, stating that this issuance has raised profound legal issues at the intersection of presidential power, securities law, and market integrity. This not only relates to the future of cryptocurrency regulation, but also to the fundamental issue of the boundaries between political positions and private enterprises in the digital age. The upcoming leadership change at the SEC suggests that there may be changes in cryptocurrency regulation, but the basic legal principles remain unchanged, and the personality and policy preferences of SEC Chairman Paul Atkins cannot override the established securities laws. The Supreme Court's Howey Test has been the cornerstone of securities regulation for over 75 years, and is not influenced by individual governments and political appointments. Although the SEC's enforcement priorities may change under new leadership, its statutory duty to apply the Howey Test remains absolute. This enduring framework for evaluating investment plans is independent of any chairman's crypto-friendly stance or industry relationships. The challenge facing Atkins' SEC is to balance industry innovation and investor protection. Although his background suggests a more accommodating attitude towards cryptocurrencies, the SEC must fulfill its duty to enforce securities laws based on economic substance rather than form. The article argues that TRUMP's launch exposes a fundamental tension in contemporary American politics. While Trump positions himself as a champion of the cryptocurrency industry and promises to make the US the "global capital of cryptocurrencies", the structure and timing of his own digital token project raise concerns about the fusion of his personal wealth and political power.