> If you read further in the SEC statement, they explain why typical meme coins fail the Howey Test. That's basically a circular definition of what a memecoin

> If you read further in the SEC statement, they explain why typical meme coins fail the Howey Test. That's basically a circular definition of what a memecoin is, and doesn't encompass a lot of the tokens that have been created so far, especially if you weight them by their market cap. In other words, it doesn't cover the most relevant tokens (which you would still call memecoin without this new (re)definition).