The US Securities and Exchange Commission (SEC) probably does not have jurisdiction over many of Memecoins that flood the crypto market, Sec commissioner Hester Peirce said in a Tuesday interview with Bloomberg.

“We always have to look at the facts and circumstances, but many of Memecoins who are out there probably do not have a home in SEC under our current set of rules,” Peirce said. “If it’s something Congress wants to address, they can do it. Maybe it’s something that [Commodity Futures Trading Commission] want to address. But many of them, I think, are probably not within our jurisdiction. “

Memecoins, unlike cryptocurrencies such as Bitcoin and Ether, have no inherent value. For years, many in the industry have been pushing back to regulate them as securities and argue that they are more like digital beanie babies or baseball cards than investment contracts.

Peirce’s hands-off attitude is a marked shift away from SEC’s approach to crypto regulation under former President Gary Gensler, who often claimed that all crypto symbols except Bitcoin were securities. Just one day after Gensler stepped down, announcing the acting chair Mark Uyeda formation of a new crypto-task force, speared by peirce, promising legislative clarity for the crypto industry, and signaling a shift away from the so-called “regulation of enforcement” that was Practiced by genes.

Last week, Peirce made a roadmap for Crypto Task Force’s highest priorities, including solving the long-standing question of what makes a crypto-active assurance versus a product and creating a more viable path to registration by changing SEC’s existing paths. In the same statement, Peirce advanced his attitude towards Memecoins and wrote:

“If people want to buy a token or product that lacks a clear long -term value proposition, they should feel free, but should not be surprised one day if the price falls. In this country, people generally have the right to make decisions for themselves, but the counterpart to the wonderful American freedom is the equally wonderful American expectation that people should decide for themselves, not look to Mama’s government to tell them what to do or do not do or to save them when they do something that turns out bad. “

Read more: SEC commissioner Hester Peirce establishes 10 priorities for New Crypto Task Force