I wrote an oped in The FT.

My goal isn't to defend or to diminish memecoins.

It’s to point out the backward incentives of a regulatory regime in the US that lets only memecoins thrive — while companies & tokens with more productive uses face hurdles. https://www.ft.com/content/1ceaa1c6-47df-4430-950e-ffcbf1cc8f7b

The SEC's "...role is to protect investors; to maintain fair, orderly and efficient markets, and to facilitate capital formation. The commission is failing across all three objectives when it comes to digital asset markets and tokens."

As a graph: