" But even under the old SEC approach, meme coins probably weren't securities - and thus didn't have to comply with securities regulations. "

Over 10 years ago those chain letter scams were huge in Vegas. You pay to get your name on the list, and you get ten more friends to join in, and they pay others above you to get below you on the list etc. They weren't securities, but friends at the state of Nevada division of securities and the fbi, knew a scam when they saw it and they stopped it over time. If team Trump owns and controls the SEC etc, Tony Soprano could only dream about this set up. PLUS, President Trump can pardon all the players in 4 years for a free roll financial crime spree. Trump should send the Biden family chocolates and flowers every Friday night for four years. What a country!!