Policy advocacy group Better Markets accuses SEC of ignoring public rulemaking process in crypto regulation

PANews reported on June 13 that according to Bitcoin.com, the policy advocacy organization Better Markets submitted an open letter to the U.S. SEC, severely criticizing the SEC's cryptocurrency working group's practice of formulating policies through informal guidance documents. The letter pointed out that the SEC's recent guidance on crypto assets such as Meme coins has not been subject to a public review process, which violates the transparent decision-making principle publicly promised by the new chairman Paul Atkins.

Benjamin Schiffrin, director of securities policy at Better Markets, specifically pointed out that the working group's position in February that Meme coins are "collectibles" rather than securities lacks legal basis, and that the high speculation and price volatility of such assets are more consistent with the characteristics of securities. The organization warned that bypassing the public comment process would undermine regulatory credibility and asked the SEC to immediately resume the formal rule-making process.