The policy advocacy organization Better Markets accuses the U.S. SEC of neglecting the public rulemaking process in encryption regulation.

PANews, June 13, reported by Bitcoin.com, that the policy advocacy organization Better Markets submitted an open letter to the U.S. SEC, harshly criticizing the SEC's cryptocurrency working group for formulating policies through informal guidance documents. The letter pointed out that the SEC's recent guidance on Meme coins and other crypto assets was made without a public review process, violating the transparency decision-making principle publicly promised by the new chairman Paul Atkins. Better Markets' Chief Securities Policy Director, Benjamin Schiffrin, specifically pointed out that the working group's position in February classifying Meme coins as "collectibles" rather than securities lacks legal basis, as the high speculative nature and price volatility of such assets are more in line with the characteristics of securities. The organization warned that bypassing the public review process would undermine the credibility of regulation, and called on the SEC to immediately resume the formal rule-making process.