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

Odaily Planet Daily News Policy advocacy organization Better Markets submitted an open letter to the U.S. SEC, severely 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 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. Better Markets Securities Policy Director Benjamin Schiffrin specifically pointed out that the working group's position in February that Meme coins are "collectibles" rather than securities lacks legal basis, and the high speculation and price volatility of such assets are more in line with the characteristics of securities. The organization warned that bypassing the public comment process will undermine regulatory credibility and asked the SEC to immediately resume the formal rule-making process. (Bitcoin.com)