The U.S. Securities and Exchange Commission (SEC) has been criticized by Better Markets, a policy advocacy organization, for its use of informal guidance documents in formulating cryptocurrency regulations. According to an open letter submitted to the SEC, the task force bypassed the public review process in crafting recent guidance on meme coins and other crypto assets. This contradicts the transparency promised by SEC Chairman Paul Atkins during his tenure. Specifically, Better Markets argues that the February classification of meme coins as ‘collectibles’ rather than securities lacks legal basis. Director of Securities Policy Benjamin Schiffrin contends that these assets exhibit characteristics more aligned with securities than collectibles, citing high speculation and price volatility. The organization warns that bypassing public scrutiny could erode regulatory credibility and urges the SEC to return to formal rule-making procedures.