Why Meme Coin Ruling May Amplify Crypto Legislation Push (Law360)

In their recent Law360 article, Goodwin partner Justin Ward and associate Laura Noerdlinger explain how some cryptocurrencies are designed for payment processing while others are designed for the lulz. According to a U.S. Securities and Exchange Commission (SEC) staff statement from February 27, 2025, meme coins are digital tokens “inspired by internet memes, characters, current events, or trends.” Currently, the most traded meme coins include three reflecting the internet’s fascination with Shiba Inus — Dogecoin, Shiba Inu, and Floki. Others are inspired by political figures. There is even a meme coin called “Memecoin.”

The U.S. District Court for the Middle District of Florida’s decision in De Ford v. Koutoulas on December 2, 2025, considered whether one meme coin, Lets Go Brandon (LGBCoin), is a security under the Securities Act of 1933. Analyzing this issue under the Howey test, derived from the U.S. Supreme Court’s 1946 decision in SEC v. W.J. Howey Co., the District Court declined to rule definitively whether LGBCoin is a security, concluding a trial was needed. The decision is notable for how it applied the Howey test to the relatively centralized management structure for LGBCoin, as well as the District Court’s treatment of recent SEC guidance on meme coins.

Read the full analysis: “Why Meme Coin Ruling May Amplify Crypto Legislation Push” (Law360)