A group of community members has joined forces to create an innovative decentralized memecoin called NotWifGary (NWG), which aims to challenge the Securities and Exchange Commission (SEC) and advocate for Ethereum. This endeavor comes in response to the recent increased scrutiny from the regulator on the cryptocurrency industry.
While some members of NWG have experience in the zkEVM ecosystem Linea, Marco Monaco, a member of NWG, clarified that this project is entirely independent and not affiliated with Linea or Consensys.
The official NWG project, as announced by Marco Monaco on X on May 15, is driven by the objective to resist Gary Gensler and the SEC’s alleged unjust attacks on Ethereum and open-source developers. NWG emphasizes that it will launch its memecoin as an ERC-20 token on Linea, using a multisig wallet involving Original Project Supporters.
Currently, the NWG project is still in the pre-launch phase, and the liquidity pool (LP) will be established through community donations. This approach ensures that the token maintains a sufficient level of decentralization and experiences a fair launch.
The SEC has recently targeted major companies like Robinhood, issuing a Wells notice on May 4, and causing a delay in Exodus’ NYSE listing on May 10 due to regulatory actions.
In response to these developments, Democratic Party Representative Wiley Nickel accused the SEC of turning cryptocurrency into a political battleground, which unnecessarily puts President Joe Biden in a position where he must take sides. Nickel’s statement comes after the proposed Staff Accounting Bulletin 121 rule, which requires SEC-reporting entities to record custodied crypto as liabilities on their balance sheets.