Forbes: Trump's issuance of Meme coins may violate the three key elements of the "Howey Test" in securities law

ChainCatcher news, Forbes published a column commenting on Trump's issuance of the Meme coin event. Forbes pointed out that Trump's issuance of the Meme coin could trigger a constitutional crisis. Although the new SEC chairman may introduce crypto-friendly policies, the Howey Test, which has been the cornerstone of securities regulation for 75 years, is not influenced by politics.

Forbes analysis indicated that the TRUMP token may violate the three key elements of the Howey Test: investment of money, common enterprise, and reliance on the efforts of others to profit. When promoting the token on Truth Social and X platforms, Trump positioned it as "supporting expression" rather than an investment product, but the timing of the issuance and the token structure raised regulatory concerns.