SPX6900
SPX#100SPX6900 is a meme token that parodies the S&P 500 stock index; it has no product or utility and trades on speculation.
Does not clear all 8 Shariah criteria. Needs caution: excessive uncertainty (gharar). Fails: nature of the asset, gambling (maysir), and usage.
- 4 pass
- 1 caution
- 3 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold SPX6900?8 Shariah criteria
4 pass · 1 caution · 3 failHolding SPX pays nothing: the token has no staking, reward or interest function.
Riba is interest or any guaranteed increase on a loan. SPX is a plain token with no staking, lending or fee-sharing function, so holding it produces no return. CryptoUmmah gives riba its highest sub-score (65.6) of the three. With no interest mechanism in the asset, the criterion is at the maximum; lending SPX through third parties is covered under trading mechanisms.
SPX is a parody token with no product, network or rights behind it.
This criterion asks whether the asset has real value as property (mal). CryptoUmmah describes SPX6900 as a meme coin lacking any productive utility or asset backing, deriving value purely from community sentiment and secondary-market trading. It gives holders no rights and funds no product. This is a coin-specific weakness, in line with CryptoUmmah's impermissible rating, so the criterion fails.
SPX's value rests only on speculation and community belief.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. SPX has no function, so any gain depends on other buyers paying more later. CoinDesk reported SPX crossing a $1.1 billion market capitalisation and a price above $1.25 on 3 January 2025, and the token later fell about 80% from its July 2025 high, while its main promoter's holdings fell from $67 million to about $8 million. CryptoUmmah scores maysir 20/100 and treats it as gambling-equivalent. The criterion fails.
SPX has no protocol, fees or treasury income, so there is no impermissible revenue to screen.
This criterion asks how the issuer or protocol earns and whether any of that income is impermissible. SPX has no protocol, product or treasury income. Its speculative character is assessed under gambling and usage, not again here, so this criterion is at the maximum.
Supply is capped and ownership renounced, but the founders are pseudonymous, the allocation is unverified and the code had no manual audit.
Gharar is excessive uncertainty or hidden information. The maximum supply of 1 billion is fixed and contract ownership is renounced. But the founders are pseudonymous, no verified team or insider allocation exists, sources conflict on whether fees fund burns, and only automated tools scanned the code, as CryptoUmmah notes (gharar 46.4). These are concrete uncertainties, so the criterion is at caution.
SPX has no payment, computing or infrastructure use; it is used for speculative trading.
This criterion looks at what the asset is actually used for. SPX is not used to pay for any service or to run any network; it is held and traded on hopes of a higher price and as a community symbol. With speculation as essentially its only use, the criterion fails.
Fully paid spot SPX is available on exchanges and DEXs, and it can be held in any Ethereum wallet.
This criterion asks whether the asset can be owned in a permissible way. SPX trades spot with full payment and delivery on exchanges and DEXs and can be held in a self-custody wallet. Ownership does not depend on derivatives or leverage, so the criterion is at the maximum.
SPX offers little beyond entertainment, but no fraud, hack or insider dump is documented; its speculative harm is counted under gambling.
Maslahah weighs benefit against harm. SPX offers no service, but the sources collected document no fraud, hack or team dump involving it, and holders are broadly spread. The harm from pure speculation is already counted under maysir and usage, not again here, so this criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying SPX with full payment and immediate delivery is available on exchanges and DEXs, and the tokens can be moved to a self-custody wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view, but SPX fails the gambling criterion.
No SPX exchange-traded fund was found as of 1 October 2026. A product that holds SPX itself and does not lend it would be judged like spot; its structure would need to be checked.
SPX is not used for payments in any app found; it is held and traded. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible.
Not available natively: SPX is a token with no staking function and no validation work. Products marketed as SPX 'staking' get their return from somewhere else, usually lending or incentives, and must be checked.
Margin trading in SPX is offered by some exchanges but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
SPX futures and perpetuals are offered by derivatives exchanges, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending SPX through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
SPX pays holders nothing itself. Yield products on SPX get their return from lending or similar interest-like sources and fail.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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