According to PANews, Better Markets, a policy advocacy organization, has submitted an open letter to the U.S. Securities and Exchange Commission (SEC), criticizing the agency's cryptocurrency task force for formulating policies through informal guidance documents. The letter highlights that the SEC's recent guidance on meme coins and other crypto assets bypassed the public review process, contradicting the transparency principles publicly promised by the new chairman, Paul Atkins.
Benjamin Schiffrin, the Director of Securities Policy at Better Markets, specifically pointed out that the task force's February classification of meme coins as 'collectibles' rather than securities lacks legal basis. He argued that the high speculation and price volatility of such assets align more closely with the characteristics of securities. The organization warned that bypassing the public review process could undermine regulatory credibility and urged the SEC to immediately return to formal rule-making procedures.