Despite the seemingly definitive statement by the staff that meme coins are not ‘securities’ under the U.S. securities laws, the devil is always in the detail,” said Christopher Capuzzi, a capital markets partner at Ropes & Gray.

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,