Ah, the SEC, that venerable institution, now finds itself in the crosshairs of Better Markets, a group that seems to have taken it upon themselves to be the watchdog of all things crypto. They are raising a ruckus about the SEC’s rather casual approach to rulemaking, which, let’s be honest, is about as transparent as a foggy day in St. Petersburg. 🌫️
SEC’s Informal Crypto Policies: A Recipe for Disaster? 🍵
On the fateful day of June 11, the policy advocacy group Better Markets, which fancies itself as the knight in shining armor for financial reform, decided to pen a letter to the SEC. They were not pleased, to say the least. Their main complaint? The Crypto Task Force’s penchant for issuing guidance documents that are as clear as mud, rather than engaging in the noble art of public rulemaking.
In their letter, they lamented the lack of transparency, public input, and formal accountability. They boldly declared:
We urge the Crypto Task Force in the future to proceed through notice-and-comment rulemaking.
Better Markets pointed out that SEC Chair Paul S. Atkins had, just days prior, professed his commitment to public rulemaking. Oh, the irony! It seems the SEC is now dancing to a tune of its own making, one that diverges from its own principles like a wayward traveler lost in the woods.
Benjamin L. Schiffrin, the Director of Securities Policy at Better Markets, raised a clarion call of concern. He suggested that the SEC’s informal process is akin to a closed-door meeting where only the chosen few are allowed to speak. “The Crypto Task Force does not appear to be open-minded,” he quipped, “but rather seems intent on clearing the path for anything and everything in the crypto realm. The guidance documents are their magic wand, allowing them to operate without the pesky interference of public feedback.”
And let’s not forget the SEC’s infamous February statement on meme coins, which Better Markets highlighted as a shining example of this chaotic approach. The SEC had the audacity to declare that meme coins are not securities but “collectibles.” Oh, the horror! They went on to admit that these coins are speculative and volatile, yet still likened them to fine art and baseball cards. What a delightful comparison! 🎨⚾
The SEC’s guidance on meme coins is especially shocking because the staff admits that meme coins are speculative, experience significant market price volatility, and are often accompanied by statements regarding their risks. These characteristics do not make meme coins sound like ‘collectibles’ such as artwork, stamps, or baseball cards.
In their grand finale, Better Markets warned that bypassing notice-and-comment is like throwing caution to the wind. “The SEC must remember that the use of guidance documents undermines ‘the legitimacy of the rules produced by removing even the pretense of public access and participation.’” They called for formal rulemaking, hoping to restore public trust and ensure that the crypto sector doesn’t turn into a wild west of regulatory chaos. 🤠
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2025-06-13 06:57