According to the SEC, the coins are more akin to "collectibles" and don't fall under the category of securities under federal law.

Meme coins may not fall under the purview of the United States Securities and Exchange Commission, as the agency considers most meme coins to be more like collectables than securities. According to a February 27 staff statement from the commission’s Division of Corporation Finance,

The SEC noted in a statement that federal securities laws do not bind meme coins. The agency clarified that securities laws protect neither meme coin purchasers nor holders. House Democrats are set to introduce a bill that prevents political figures from launching meme coins.