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Forbes: Trump's issuance of Meme coin may violate the three elements of the securities law's 'howey test'.
ChainCatcher news, Forbes published a column commenting on the Trump issuance Meme coin incident. Forbes pointed out that the Trump issuance Meme coin may trigger a constitutional crisis. Although the new SEC chairman may introduce encryption-friendly policies, the howey test, which has been the cornerstone of securities regulation for 75 years, is not influenced by politics. Forbes analysis points out that TRUMP's potential coin may violate the securities law Howey Test's three elements: investment funds, common enterprise, and profit from the efforts of others. When Trump promotes the coin on Truth Social and X platform, it is positioned as 'supporting expression' rather than an investment product, but the timing of issuance and the structure of the coin have raised regulatory concerns.