病毒式创作者Haliey Welch发起的Meme Coin $ Hawk的案例引发了加密货币世界的激烈辩论。

从创纪录的估值到20分钟内的崩溃，到SEC的无罪释放，这个故事揭示了该行业的风险和监管歧义。

The case of the meme coin $HAWK, launched by the viral creator Haliey Welch, has sparked a heated debate in the crypto world. From the record valuation to the collapse in 20 minutes, up to the acquittal by the SEC, this story reveals much about the risks and regulatory ambiguities of the sector.

病毒式创作者Haliey Welch发起的Meme Coin $ Hawk的案例引发了加密货币世界的激烈辩论。从创纪录的估值到20分钟内的崩溃，到SEC的无罪释放，这个故事揭示了该行业的风险和监管歧义。

The initial boom of $HAWK: a 500 Million meme coin (for 20 minutes)

$ HAWK的最初繁荣：5亿个模因硬币（持续20分钟）

When Haliey Welch, known online as the “Hawk Tuah” meme girl, launched her $HAWK token, the market reacted with euphoria. In a few hours, the value of the coin reached an extraordinary capitalization of 500 million dollars.

当Haliey Welch（在线被称为“ Hawk Tuah”模因女孩）推出了她的$ Hawk代币时，市场对Euphoria做出了反应。在几个小时内，硬币的价值达到了5亿美元的非凡资本化。

However, in just 20 minutes, the token lost over 95% of its value, crashing below 60 million. The plunge immediately triggered accusations of pump-and-dump, drawing the attention of U.S. regulators.

但是，在短短20分钟内，令牌损失了其价值的95％以上，跌至6000万以下。暴跌立即引发了对泵和点状的指控，引起了美国监管机构的注意。

The SEC investigation: no charges for Haliey Welch

SEC调查：Haliey Welch没有收费

Following the collapse, the Securities and Exchange Commission (SEC) initiated an investigation to assess any violations of securities laws. On March 28, 2025, Haliey Welch officially announced that the investigation was closed, without any charges or financial penalties being brought against her.

崩溃后，证券交易委员会（SEC）发起了一项调查，以评估任何违反证券法的行为。 2025年3月28日，Haley Welch正式宣布，调查已关闭，没有对她提出任何指控或经济罚款。

“The investigation is closed and I will not face any charges or sanctions.”

“调查已关闭，我不会面临任何指控或制裁。”

The SEC has determined that meme coins, not being considered securities, do not fall under its jurisdiction. Furthermore, no evidence of fraudulent conduct by Welch has emerged, who fully cooperated with the authorities throughout the investigative phase.

SEC已确定不被视为证券的模因硬币不属于其管辖范围。此外，没有出现过韦尔奇欺诈行为的证据，他们在整个调查阶段与当局完全合作。

Meme Coin and regulation: the regulatory void

模因硬币和调节：调节空隙

According to former SEC attorney Marc Fagel, the “no liability” formula is unusual for the agency and indicates a change in approach. The current administration seems to consider meme coins outside the regulatory perimeter of the SEC.

根据前SEC律师Marc Fagel的说法，“无责任”公式对该机构来说是不寻常的，并表示方法发生了变化。目前的管理似乎考虑了SEC的监管周围之外的模因硬币。

James “Metalawman” Murphy has also confirmed that the decision is not surprising: meme coins, as assets lacking investment contract characteristics, are not considered securities unless there is clear evidence of fraud.

詹姆斯·“ Metalawman”墨菲还证实，该决定并不奇怪：模因硬币，因为缺乏投资合同特征的资产，除非有明确的欺诈证据，否则不被视为证券。

David Sacks, head of the presidential task force on digital assets, has also proposed a new classification for meme coins, comparable to digital collectibles, similar to NFTs. A paradigm shift that, if adopted, could drastically reduce federal authorities’ intervention on this type of asset.

总统数字资产工作组主管David Sacks还提出了与数字收藏品相当的模因硬币的新分类，类似于NFT。如果采用的话，范式转变可能会大大减少联邦当局对这类资产的干预。

What are meme coins really?

模因硬币到底是什么？

Today, the term “meme coin” is used to identify tokens often lacking real utility, launched by influencers or public figures with the goal of monetizing media attention.

如今，“模因硬币”一词被用来识别由有影响力的人或公众人物发起的真正效用，以使媒体关注货币化。

Unlike the original projects like Dogecoin, which have built their own community and identity over time, the new meme coins tend to follow a lightning-fast dynamic: a token is created, promoted with viral memes and social media hype, there is an initial boom and then often a rapid bear.

与随着时间的推移建立了自己的社区和身份的原始项目不同，新的模因硬币倾向于遵循闪电般的动态：创建一个令牌，以病毒模因和社交媒体炒作来促进，这是最初的繁荣，然后经常是快速熊。

The case of $HAWK is not isolated. Even well-known figures like Donald Trump and Melania Trump have been linked to similar initiatives. In many cases, the technical management is entrusted to external teams, and the promoters defend themselves by invoking the lack of direct operational control.

$ HAWK的情况不隔离。即使是唐纳德·特朗普（Donald Trump）和梅拉尼亚·特朗普（Melania Trump）等著名人物也与类似的举措有关。在许多情况下，技术管理委托给外部团队，发起人通过援引缺乏直接运营控制来为自己辩护。

Lessons from the $HAWK case

$ Hawk案的教训

Here are some useful reflections for investors, creator, and regulators:

这是对投资者，创作者和监管机构的一些有用的思考：

1. Viralità non significa valore L’interesse sui social può spingere temporaneamente il prezzo di un token, ma senza fondamentali solidi, l'instabilità è inevitabile.

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2. The absence of regulation does not equate to impunity Even if the SEC has not intervened, any criminal or civil liabilities could still be assessed by other authorities.

2。没有法规也不等于有罪不罚现象，即使SEC尚未干预，其他当局仍然可以评估任何刑事或民事责任。

3. Collaboration with entities can make the difference Welch chose to collaborate transparently with the SEC, a strategy that helped close the case without further consequences.

3.与实体的合作可以使韦尔奇选择与SEC透明合作，这一战略有助于解决案件而没有进一步的后果。

4. More financial education is needed Many buyers of meme coins do not understand the risks associated with these volatile assets. The lack of awareness is fertile ground for abuses.

4。需要更多的金融教育，许多模因硬币的买家不了解与这些波动性资产相关的风险。缺乏意识是滥用虐待的基础。

Conclusion: cosa ci insegna il caso Welch

结论：韦尔奇案教给我们什么

The $HAWB case does not close only with a non-indictment: it leaves behind deep questions about the nature and regulation of meme coins. Haliey Welch emerged legally unscathed, but the episode highlights the need for greater regulatory clarity, responsibility from the creators, and above all, information for investors.

$ hawb案并不仅仅因不调查而结束：它留下了有关模因硬币的性质和调节的深刻疑问。哈利·韦尔奇（Haliey Welch）在法律上毫发无损地出现，但这一集强调了对更大的监管清晰度，创作者的责任以及最重要的信息的需求。

As long as the sector continues to move in a gray area, events like this will be neither the first nor the last. And in this context, the line between innovation, aggressive marketing, and real risk remains as thin as ever.

只要该行业继续在灰色区域移动，类似这样的事件将既不是第一个也不是最后一个。在这种情况下，创新，积极的营销和真正的风险之间的界限仍然像以往一样薄。