Internet reports that in response to the guidance issued by the U.S. Securities and Exchange Commission (SEC) on Meme coins, which is to "determine that Meme coins are not securities," SEC member and crypto skeptic Caroline Crenshaw issued a document on the SEC's official website saying that the purpose of providing written guidance is to promote understanding and compliance with federal securities laws, and the guidance issued by the SEC completely subverts this concept. It puts forward an incomplete and unfounded legal view. The entire product category is believed to be outside the jurisdiction of the SEC; this guidance does not provide a clear legal definition or even a basic dictionary. This guide is not a reasonable interpretation of existing law. It asked more questions than it answered, namely, what is Meme and whether Meme is a definable or useful classification under existing securities laws. It boils down to a broad statement of general principles with little clarity or predictability for any given currency.