Odaily reports that lawyers from Gibson Dunn law firm stated that the recent guidance issued by the US SEC on memecoins may imply that it will adjust its cryptocurrency regulatory policies, and could even affect the application of the Howey test. The US SEC previously issued a statement saying that memecoins should generally not be considered securities, as the funds of their purchasers are not pooled for the development of related projects, and their prices depend on market speculation and collective sentiment. This stance contradicts the SEC's previous position in lawsuits against cryptocurrency exchanges, and may affect the trading of digital assets in all secondary markets. Analysts believe that this move indicates that the SEC is gradually moving away from the tough regulatory approach of former chairman Gary Gensler, bringing a clearer direction for the development of US cryptocurrency policy.