The U.S. securities regulator has a lot of work to do, which is part of the reason it decided to clear the meme coins question off its agenda last week, commissioner Hester Peirce, the chair of the agency's crypto task force,

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

The Securities and Exchange Commission issued guidance on Thursday saying it does not view most meme coins, which are crypto tokens that originated from