Ripple News: Are XRPL Meme Coins in Hot Water with the SEC? Here’s Why
Anjali Belgaumkar29 Oct 20242 min read
The excitement around the XRP Ledger (XRPL) is building as it embraces the meme coin phenomenon. The leading decentralized exchange on XRPL, Magnetic X, recently revealed Memepad, a dedicated launchpad for meme coins on the network. This platform encourages innovation, enabling users to create and launch their own tokens on XRPL.
The Rise of Meme Coins on the XRP Ledger
As XRPL dives into the meme coin trend, interest in the market is growing. Following the launch, an impressive 70 meme coins have debuted on Magnetic X’s Memepad. Among them, the first coin, VADER, is gaining traction with a total value locked (TVL) of 190k XRP and 507 holders, boasting a remarkable annual percentage rate (APR) of 668% in farming. Discussing the same, a social media user said, “It’s one week in, there are already coins over a million dollar market cap, and many forming really nice charts.”
Concerns Over Scams and Regulatory Scrutiny in the XRPL Ecosystem
However, the excitement is tempered by concerns from users about potential scams. One user pointed out that some unlicensed meme coins are being created and pumped for profit, raising red flags about the integrity of the market. Another voiced skepticism about regulatory scrutiny, speculating whether the SEC’s stance on Ripple could lead to confiscations of meme coins on XRPL.
The user wrote,
“The SEC hates ripple, do you think they will let all the xrpl meme coins escape? Nope. All the meme coiners creators will find all their xrpl tokens confiscated.” (Sic)
This news comes as the new Illicit Virtual Asset Notification (IVAN) initiative launches. IVAN is a global partnership that aims to identify and combat criminal activities involving virtual assets in real-time. This group includes governments, law enforcement, and industry partners from around the world, all working together to tackle emerging threats. Circle will play a key role in guiding IVAN’s strategy to combat international illicit finance.
