GM. This is Milk Road – the newsletter that's got you covered with everything crypto (like a hat on a bald man's head.)

Here’s what we got for you today:

• ✍️ Pump(dot)fun token launch incoming?

• ✍️ New SEC guidance just dropped!

• 🎙️ The Milk Road Show: How One Company Is Using Solana to Outperform Bitcoin Treasuries w/ Leah Wald & Max Kaplan

• 🍪 Trump-owned Truth Social files for a Bitcoin ETF

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PUMP(DOT)FUN TOKEN LAUNCH INCOMING? 📈

Sweet merciful lord.

It’s…it’s…happening?

Pump(dot)fun is rumored to be launching its own token. 👇

Here’s everything we’ve heard (HEARD) so far:

• It’s going to be a token sale, not an airdrop (i.e. no freebies)

• Pump(dot)fun will sell $1B worth of tokens at a $4B valuation

• The launch is scheduled to take place in the next two weeks or so

Here’s what could happen if this launch rolls out as rumored:

Even though Pump(dot)fun’s revenues have dropped from their 2024 highs – the platform still prints cash. We’re talking ~$50M in May alone! 👇

So what happens when you can just buy Pump(dot)fun’s token, instead of gambling on one of the 4 billion memecoins that have been launched on the platform? 

LG Doucet has an interesting take – he’s the man that will be writing for Milk Road Degen (a soon-to-launch newsletter that will focus on hunting down low-cap gems):

Btw – if you want to be kept up to date with everything that’s going on in the trenches and how this token launch will affect the memecoin space:

👉 Join the waitlist for the Milk Road Degen newsletter (it launches next week)!

Here’s what has us scratching our head with all of this:

1. No airdrop

2. Only a portion of token supply being released

A good rule of thumb for those hoping to avoid getting the pants sued off them by the SEC is: 

Give most of the token supply away (so you’re handing control over to the community / not profiting directly from the launch).

The above two points fly directly in the face of that. And it could be an issue now that the SEC laid down new crypto-specific rules (just yesterday.)

Keep scrolling to the next article to find out exactly what trouble Pump(dot)fun could find itself in. 👇

NEW SEC GUIDANCE = BIG STEP FORWARD FOR CRYPTO IN THE US 🥲

The SEC just dropped new guidance. 

(Bup-bup-bup – don’t you dare scroll away – it sounds boring, but hear me out!)

The difference here is, this guidance is specific to crypto and could hurt/benefit both past and future projects.

(Ahhh, now I have your attention.)

Alright, first things first, here are the rules in layman’s terms…

Ideally, the SEC wants to be able to answer ‘No’ to all of the following questions when assessing whether a token should have regulatory controls slapped on it (potentially hurting its growth):

1. Was the token marketed as an investment?

2. Does the token provide functional utility on a decentralized network (beyond being a medium of exchange – think: governance and yield)?

3. Does the founding team or foundation retain control over the asset?

Now – let’s apply this to the rumored Pump(dot)fun token launch…

Was the token marketed as an investment?
So far, no…but let's be honest – it's an investment.

Does the token provide functional utility on a decentralized network?
Again, so far — no.

Does the founding team or foundation retain control over the asset?
If the rumors are true: yes. A $1B token sale at a $4B valuation suggests that 75% of the token’s supply will be retained by Pump(dot)fun, leaving the team in control.

Lucky for Pump(dot)fun – the SEC is changing its approach to enforcement these days. 👇

This suggests that if the SEC finds Pump(dot)fun in violation of their new guidance, they may give them an ultimatum instead of suing them right out of the gates – e.g:

“You need to sell or release at least 51% of your token supply, otherwise we’ll come at you oiled up and ready to throw down.”

(Or however government regulators talk.) 

Regardless of how this specific case shakes out:

It’s great to see crypto-specific regulatory clarity land on US soil. 🥲

HERE’S TO YOU (YES, YOU) 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Bitget is going after the big boys. They’ve launched an incentive program for institutions, making it one of the cheapest places to trade in crypto right now.*

Trumps has his hands everywhere in crypto. Trump-owned Truth Social now files for a Bitcoin ETF.

The $USD1 airdrop is live! If you’re holding $WLFI tokens, you’re eligible for the airdrop.

Russia is warming up to crypto. Bitcoin futures can now be traded on their biggest exchange.

We’re hosting a meetup at Permissionless! If you’re in New York on June 23rd, come grab a beer with the Milk Road team.

Invest as you spend with the Gemini Credit Card®. Get approved by 6/30/25 to earn $200 in Bitcoin when you spend $3,000 in your first 90 days. Issued by WebBank. Terms apply.**

*this is sponsored content.
**this is partner content.

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