Commission Policy

1. The commission

regulate.fun, styled the Memecoin Exchange Commission, keeps a public record of conduct in Solana memecoins: audits of coins, cases against wallets that dump on holders, the Regulated list of coins whose developers accept the Regulated Standard, and the voluntary commitments of holders (lockups and distribution pledges).

2. Principles

1. Evidence. Every finding rests on public blockchain data, and the evidence is published with the case.
2. Equal treatment. The same rules apply to every wallet and every coin, including Regulated coins and anyone who has paid regulate.fun.
3. Proportionality. Old conduct and borderline findings go to commission review rather than automatic charges.
4. Transparency. Every case and every regulatory decision has a public, timestamped history with reasons.
5. Correction. Mistakes are dismissed and the record corrected, with the correction published where the original was.

3. Opening cases

3.1 Any wallet may file a complaint against another wallet, free of charge. A complaint opens a case, or joins an existing case against the same wallet for the same coin.

3.2 The commission's surveillance also opens cases. It reviews the dev wallet, the wallets that bought in a coin's launch block and early trading, and the largest holders of the most-traded pump.fun coins and of registered coins.

3.3 In every case the defendant's trades in the coin are replayed from the chain. The complainant's own trades are replayed too, to verify their loss.

4. The dump rules

A wallet dumps a coin when, within any 24-hour window, it either sells 1% or more of total supply, or sells 60% or more of its peak position where that position was at least 0.5% of supply, and takes out at least $2,500.

5. Charging

5.1 A case that meets the dump rules may be charged automatically when automatic charging is enabled, provided the dump took place within the last 90 days. Older dumps, and any case the commission chooses to hold, await commission review with a recommended fine.

5.2 The fine is 25% of the proceeds of the dump window, with a minimum of $100.

5.3 A charged wallet with an unpaid fine appears on the Most Wanted list and loses reputation.

5.4 The same trading that the commission has reviewed and dismissed is not charged again. New conduct may be.

6. Fines and settlement

Paying a fine is voluntary. Payment settles the case and removes the wallet from the Most Wanted list. The case and its history remain on the public record.

7. Restitution

7.1 90% of every fine paid goes to the case's verified victims, split in proportion to their verified losses. A loss is verified from the complainant's own on-chain trades and is capped at the amount they claimed.

7.2 Restitution is paid in SOL to the victims' own wallets, after approval by the commission.

7.3 10% is retained to fund the commission's operations.

8. Review, appeals and dismissal

8.1 A defendant may request review of their case from the case page, by signing in with the defendant wallet. The commission re-examines the evidence and then dismisses the case, adjusts the fine, or declines the request with reasons. Each step is recorded in the case history.

8.2 Dismissal withdraws the charge, its reputation penalty and the dump flags it raised, and cancels unpaid restitution. A fine already paid on a dismissed case is refunded to the wallet that paid it.

8.3 If a dismissed case caused the suspension of a registered coin, that suspension is lifted.

9. Grades

9.1 Every coin receives an automated risk score from 0 to 100 and a grade from A to F, from public data. Structural risk covers concentration, mint and freeze authorities, a large dev holding, linked wallets and bundled launches. Behavioural risk covers dumps, known bad actors among holders, charges and serial launching.

9.2 Locked supply and supply delivered under distribution pledges earn credits against structural risk.

9.3 A coin in good standing under the Regulated Standard keeps 65% of its remaining structural risk, less 5 points. Registration alone, and payment of the regulation fee, do not change a grade.

9.4 Behavioural risk is never reduced by regulation, locks or pledges. No coin scores below 5.

10. Conflicts of interest

1. Fees never affect grades, charging decisions or the outcome of a case.
2. Registered coins and their developers are investigated in exactly the same way as any other.
3. regulate.fun does not accept payment to remove or alter a case, a flag, a grade or a regulatory decision.
4. Anyone making a commission decision recuses themselves from cases and decisions involving coins or wallets they hold or control.

11. Fee schedule

12. Public notices

The commission posts investigations, charges, settlements, dismissals (as corrections to earlier posts), regulation notices, lockups, distribution pledges and alerts about known dumpers on X (@regulatefun) and Telegram (t.me/regulate_fun). Notices describe the on-chain record and link to it.

13. Corrections and contact

Defendants request review from their case page (8.1). Anyone else who believes a grade, flag or record is wrong can contact the commission on X or Telegram.

14. Amendments

This Policy is versioned and dated. The commission may amend it; material changes are announced on regulate.fun's channels.