The crypto space has been flooded with memecoins since former SEC Chairman Gary Gensler resigned. While this may sound like a meme, it’s actually the result of Gensler’s own policies. Legitimate projects focused on finance or staking were treated as securities and sued, prompting the shift to memecoins to avoid legal issues. Despite this, Gensler never took action against memecoins in four years, while witnessing many rug pulls, including DIO, Froggy, Hawk Tuah, and others in 2024. It’s funny to think we miss him as a meme, but the consequences of his crypto policies are still with us.