Crypto advocacy group Coin Center has called on the US Securities and Exchange Commission to move away from reactive, case-by-case decisions and focus on establishing clear rules.
In a letter to the SEC, the group warned that “individualized relief can provide short-term clarity, but it risks fragmentation, implicit merit regulation, and uneven treatment across projects,” urging the agency to “prioritize rulemaking wherever possible.”
The letter emphasized that “the true value of crypto networks lies in their character as utility-like public goods rather than as services operated by private corporations or associations.”
Dated March 5, the letter was made public on Tuesday.
Since then, the SEC has issued guidance interpreting how “non-security crypto assets” are treated under federal securities laws and outlining a “coherent token taxonomy” for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
On March 12, the SEC and CFTC signed a memorandum of understanding to improve coordination over financial market oversight, ending decades of “regulatory turf wars” between the agencies.
Selective relief creates an uneven playing field: Coin Center
Crypto-focused no-action letters continue to appear, most recently addressing crypto wallet provider Phantom Technologies from the CFTC’s Market Participants Division. The CFTC notice, shared on Tuesday, stated that under certain conditions, the division would refrain from recommending enforcement actions against Phantom or its staff for failing to register as a broker.
In recent months, the SEC also issued two no-action letters to decentralized physical infrastructure network (DePIN) crypto projects. In late September, the agency cleared the way for investment advisers to use state trust companies as crypto custodians through another no-action letter.
However, Coin Center warned that relying on selective, case-by-case relief fosters uncertainty in the broader crypto market. “If relief is granted selectively, the regulator inevitably puts its thumb on the scale in favor of networks or intermediaries that have the resources and incentives to pursue it,” the group said.
Meanwhile, US lawmakers are pursuing their own approach. The CLARITY Act, designed to provide clearer regulatory oversight for the crypto sector, is moving through Congress. If passed, the bill would give the SEC and CFTC clearer guidance on which digital assets fall under their jurisdiction, reducing ambiguity and promoting more consistent treatment across the industry.
