A small group of community members have come together to create a decentralized memecoin called NotWifGary (NWG) — a project taking an anti-Securities and Exchange Commission, pro-Ethereum stance. This development follows the regulator’s recent intensified focus on the crypto industry.Although some members of NWG have a background in the zkEVM ecosystem Linea, NWG member Marco Monaco told Cointelegraph that “this is a personal initiative” for the whole team — explicitly stating that the project has no ties to Linea or Consensys.Together with 11 “brave friends,” Monaco attributed the creation of the project to “regulatory uncertainty” that is impacting Ethereum.The official NWG project posted on X on May 15, stating that it aims to “stand our ground against Gary Gensler and the SEC, who are unlawfully threatening digital property by attacking Ethereum and open-source developers.” NWG added:On its website, the project states that its memecoin will launch on Linea as an ERC-20 token, “deployed from a multisig wallet involving Original Project Supporters.”The NWG project is not yet live and is set to have its liquidity pool (LP) bootstrapped through community donations to ensure the token is “sufficiently decentralized” and has a “fair launch.” The SEC has recently taken regulatory action against high-profile company Robinhood, issuing a Wells notice on May 4, and caused Exodus’ NYSE listing to be delayed on May 10.Related: Crypto Biz: SEC targets Robinhood, Grayscale’s Ethereum ETFs, and moreDemocratic Party Representative Wiley Nickel claimed on May 15 that the SEC was turning crypto into “a political football,” unnecessarily forcing President Joe Biden to “choose sides” on the matter. Nickel’s comment follows on the heels of the proposed Staff Accounting Bulletin 121 rule mandating that SEC-reporting entities record custodied crypto as liabilities on balance sheets.
