PANews reported on June 13 that the policy advocacy organization Better Markets submitted an open letter to the U.S. SEC, sharply criticizing the SEC's practice of formulating policies through informal guidance documents by its cryptocurrency working group. The letter pointed out that the SEC's recent guidance on Meme coins and other crypto assets was made without a public review process, which contradicts the transparency decision-making principle publicly promised by the new chairman Paul Atkins.
Benjamin Schiffrin, the Chief Policy Officer of Better Markets, pointed out that the working group’s stance in February to classify Meme币 as "collectibles" rather than securities lacks legal basis, and the high speculative nature 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 called for the SEC to immediately restore the formal rulemaking process.
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The policy advocacy organization Better Markets has accused the U.S. SEC of neglecting the public rulemaking process in encryption regulation.
PANews reported on June 13 that the policy advocacy organization Better Markets submitted an open letter to the U.S. SEC, sharply criticizing the SEC's practice of formulating policies through informal guidance documents by its cryptocurrency working group. The letter pointed out that the SEC's recent guidance on Meme coins and other crypto assets was made without a public review process, which contradicts the transparency decision-making principle publicly promised by the new chairman Paul Atkins. Benjamin Schiffrin, the Chief Policy Officer of Better Markets, pointed out that the working group’s stance in February to classify Meme币 as "collectibles" rather than securities lacks legal basis, and the high speculative nature 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 called for the SEC to immediately restore the formal rulemaking process.