The Securities and Exchange Commission (SEC) is requesting that a court reject a motion to dismiss an investigative subpoena aimed at determining whether a conservative memecoin is a security. The SEC subpoenaed James Koutoulas, a Miami-based hedge fund manager and trustee of the LGBcoin Foundation, earlier this year. Koutoulas sued the SEC, arguing that LGBcoin is not a security and therefore does not violate securities laws. However, the SEC claims that Koutoulas' challenge to its investigation lacks merit and that he is not entitled to ignore the subpoena.