The cryptocurrency lobbying organization Coin Center recently advised the U.S. Securities and Exchange Commission (SEC) to cease its passive response to individual crypto cases and instead begin formulating clear rules.
“The true value of the crypto network lies in its characteristics as a public good, rather than as a service operated by private companies or associations,” the organization stated in an open letter.
This letter was written on March 5 and was made public on Tuesday.
Coin Center pointed out that relying on case-by-case rulings creates uncertainty for the broader crypto market. “If remedies are selectively granted, regulators will inevitably favor networks or intermediaries that have the resources and motivation to pursue such remedies,” the letter mentioned.
Meanwhile, U.S. lawmakers are addressing this issue in their own way.
The CLARITY Act, aimed at providing clearer regulation for the crypto industry, is currently under consideration in Congress. If passed, the bill would offer clearer guidance to the SEC and CFTC, specifying which digital assets fall under their regulatory purview, thereby reducing ambiguity and ensuring more consistent handling within the crypto industry.