SEC Investigates New Meme Token as Presale Raises $30M in 48 Hours

The U.S. Securities and Exchange Commission (SEC) has reportedly opened an investigation into a new viral meme coin project, SPX6900, after the token’s presale raised over $30 million within just 48 hours. The lightning-fast funding round and aggressive marketing campaign across social media platforms have triggered concerns over potential securities violations and investor risk.

SPX6900, a self-described “next-gen meme economy token,” gained massive attention on Twitter, Telegram, and Reddit, promising community-driven rewards, staking incentives, and early listings on top decentralized exchanges. Within two days, the presale hit its cap, drawing in thousands of investors and crypto influencers eager to ride the next meme wave following recent pumps in tokens like FARTCOIN and PEPE AI.

However, the SEC is now reportedly reviewing whether the project’s fundraising structure violates existing securities laws. Anonymous sources familiar with the matter said regulators are particularly focused on the use of celebrity endorsements and referral bonuses during the presale, as well as the lack of detailed information about the team behind the project. At press time, the project’s whitepaper remains vague, with no verified team members or roadmap updates.

Despite regulatory concerns, the token’s hype shows no signs of slowing down. Trading in unofficial SPX6900 IOU markets on decentralized platforms has already begun, with early buyers flipping allocations at nearly double their entry price. Meme coin traders are once again rushing into high-volatility plays, emboldened by recent gains and a strong appetite for speculative assets during market recovery phases.

Crypto legal analysts warn that presales like SPX6900 fall into a gray area under U.S. law. If the SEC classifies the offering as an unregistered securities sale, it could result in fines, forced refunds, or trading restrictions. Past meme token projects that skirted legal frameworks have faced delistings and frozen assets, leading to sharp price crashes and legal action.

Meanwhile, retail traders remain divided. Some view the SEC’s involvement as premature and say regulators are overreaching in a sector where innovation and memes go hand-in-hand. Others argue that more oversight is necessary to protect investors from pump-and-dump schemes and rug pulls that continue to plague the meme coin market.

For now, the SPX6900 team has yet to release an official statement addressing the investigation. Their Twitter account continues to post memes and countdowns to an anticipated DEX launch next week. Whether the project survives regulatory scrutiny or becomes the next cautionary tale will likely depend on how transparent and compliant it chooses to become in the days ahead.