Gate News reports that on March 18, the cryptocurrency industry lobbying organization Coin Center sent a letter to the U.S. Securities and Exchange Commission (SEC), urging it to prioritize systematic rulemaking rather than continuing to address crypto asset regulation case-by-case through no-action letters. The organization pointed out that relying on individual exemptions may provide short-term certainty but could lead to regulatory fragmentation and market unfairness.
In the letter, Coin Center stated that the core value of crypto networks lies in their function as a form of public infrastructure, rather than a service system dominated by a single company. Therefore, establishing a clear and unified regulatory framework is crucial for the industry’s long-term development. The letter was released on March 5, and subsequently, the SEC published an explanatory document defining the scope of regulation for “non-security crypto assets,” proposing a classification system that includes digital commodities, digital collectibles, stablecoins, and digital securities.
Meanwhile, the SEC and the Commodity Futures Trading Commission (CFTC) signed a memorandum of understanding on March 12 to strengthen coordination in financial market regulation. This move is seen as a key step toward resolving long-standing “regulatory boundary disputes.”
Despite this, regulators continue to handle specific cases through no-action letters. Recently, the CFTC issued a no-action letter to crypto wallet service provider Phantom Technologies, indicating that enforcement action is not recommended under certain conditions for its unregistered broker activities. Previously, the SEC had also granted similar exemptions to some DePIN projects and crypto custody-related businesses.
Coin Center believes that this selective regulation may favor projects with more resources, thereby weakening market fairness. At the same time, the U.S. Congress is advancing the CLARITY Act, which aims to clarify the regulatory authority of the SEC and CFTC in the digital asset space. The market generally believes that if the bill passes, it will provide a clearer compliance path for mainstream assets like Bitcoin and Ethereum, as well as emerging projects, and reduce industry uncertainty.
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