The meme coin war intensifies, SEC chairman's speech leads to a new era of Compliance

This week, the cryptocurrency market has shown a fluctuating upward trend. The price of Bitcoin remains above $104,000. The market has mixed feelings; Coinbase's stock price rose and then fell, FTX is about to start compensation, but the overall sentiment of waiting and seeing has intensified.

The meme craze has reached its peak, with three major platforms, Pump.fun, Believe, and LetsBONK.fun, engaging in fierce competition. Meanwhile, the SEC chairman delivered an important speech on asset tokenization, providing a clearer framework for cryptocurrency regulation, signaling the arrival of a new era where compliance and mainstreaming coexist.

Memes Coin War Heats Up

As Believe joins the anti-Pump.fun camp, the competition in the meme market becomes increasingly fierce. The three major platforms engage in a crazy battle for Glonk's Ticker, with founders calling each other out on social media, pushing the meme craze to its peak.

The reason Pump.fun has become the target of criticism.

1. The strong cash flow allows it not to issue coins, and the regular sale of Solana has suppressed the price of the native coin. According to statistics, Pump.fun has sold approximately 3.868 million SOL over the past year, worth $702 million.

2. With Solana dominating the ecosystem, the lack of competition is detrimental to ecological development. Pump.fun accounts for 71% of daily token issuance on Solana and has launched PumpSwap to directly compete with other DEXs, which may stifle innovation.

Web2 gameplay of Believe

Believe was founded by 26-year-old Australian entrepreneur Ben Pasternak. The platform rapidly attracted market attention by introducing memes through well-known personalities from Web2, with projects such as Yapper and Noodle, and several tokens have a market value exceeding ten million dollars. This model may continue in the short term, attracting more Web2 teams to join.

LetsBONK.fun

With the support of many OGs in the Solana ecosystem, popular projects like Useless, Hosico, and Ikun have been launched. Following the social media updates of founder Tom and ecosystem supporter Bonk Guy can help seize opportunities.

Robot Wars

The simple coin issuance mechanism of the Believe platform has led to a large number of bots monitoring new launches and quickly buying in, transforming the meme battlefield from PVP to BVB. Ordinary investors find it difficult to seize early opportunities and need to participate with caution.

meme market competition pattern

Although Pump.fun still holds a leading position in the market, its market share is being eroded by new platforms. The three major platforms are competing for traffic, which may be the golden period for memes like the Golden Dog.

Key Points of the SEC Chairman's Speech on Asset Tokenization

Asset Issuance

The SEC plans to establish clear guidelines for the allocation of crypto assets to address the uncertainty faced by issuers. For non-compliant projects with issued coins, the SEC still offers registration exemptions or safe harbors as long as they can be corrected.

Custody

The SEC will relax the identity restrictions for custodians, expanding them to include brokerages, financial institutions, and more. The requirement for custodians to hold equivalent liabilities has been revoked. The plan is to provide registrants with more custody options and to consider reasonable exemptions for self-custody.

transaction

Support allowing registered platforms to trade a wider range of products, such as providing securities and non-securities trading through "super apps". The SEC plans to modernize the ATS regulatory framework and explore guidance for the listing and trading of crypto assets on national securities exchanges.

Conclusion

1. Strict regulation will curb fraud and make the market more standardized.

2. Asset tokenization becomes mainstream, and the United States may control global asset issuance rights through clear regulations.

3. Tokenization bridges the traditional stock market and the crypto market, significantly enhancing liquidity and driving market expansion.