In an interview with Bloomberg, SEC Commissioner Hester Peirce said that many Meme tokens may not fall under the SEC's regulatory purview because current regulations do not explicitly classify them as securities. She pointed out that if Congress or the Commodity Futures Trading Commission (CFTC) wanted to step in, that would be their decision. Peirce believes that Meme tokens have no intrinsic value and are more like digital versions of Beanie Babies or baseball cards. "If people are willing to buy tokens that lack long-term value, they are free to choose, but they should not be surprised by the price collapse," she said.