[Forbes: Trump's Issuance Of Meme Coins Has Caused Major Legal Disputes] On January 20, Forbes Published A Column Commenting On Trump's Issuance Of Meme Coins. Forbes Said That Trump's Issuance Of Meme Coins May Trigger A Constitutional Crisis. According To Reports, Although The New SEC Chairman Who Is About To Be Nominated May Launch Crypto-friendly Policies, The Relevant Basic Legal Principles Remain Unchanged, And The Personality And Policy Preferences Of SEC Leaders Cannot Override Established Securities Laws. The Supreme Court's Howey Test Has Been The Cornerstone Of Securities Regulation For 75 Years And Is Not Affected By Individual Governments And Political Appointments. Although The SEC's Enforcement Focus May Change Under New Leadership, Its Statutory Obligation To Apply The Howey Test Remains Absolutely Unchanged. This Enduring Framework For Evaluating Investment Plans Is Independent Of Any Chairman's Cryptocurrency-friendly Stance Or Industry Relationship. The Report Pointed Out That The Launch Of Trump Meme Coin Exposes A Fundamental Tension In Contemporary American Politics. Although Trump Has Positioned Himself As A Supporter Of The Cryptocurrency Industry And Promised To Make The United States The "global Cryptocurrency Capital", The Structure And Timing Of His Own Digital Token Project Indicate That His Fusion Of Personal Wealth And Political Power Is Worrying. The Concentration Of Token Ownership In Companies Associated With Trump, Coupled With The Timing Of The Issuance Just Before The Inauguration, Raises Questions About Whether This Represents True Support For Cryptocurrency Innovation Or Is Simply A Sly Attempt To Further Monetize The Presidency