Max Burwick has been running a boutique law firm focusing on cryptocurrency since 2021, Blockworks reported. In recent months, he has received a significant increase in Meme coin loss cases, especially after the failure of the $FRIEND project, with many customers seeking compensation.

Burwick expects such cases to increase significantly in the future. He pointed out that the Meme coin issuance of the Pump.fun platform has generated at least $1 million in revenue every day in the past five days, but it is still necessary to be vigilant about potential legal issues.

Burwick said that at least 50% of Meme coins meet the Howey test criteria and may be considered securities, which puts issuers and promoters at legal risk. Meme coin projects involving celebrities need to be particularly cautious.

He mentioned that the NFT case may provide legal reference for the Meme coin case, and how the court will respond remains unknown.