Crypto policy group Coin Center has urged the U.S. Securities and Exchange Commission to stop resolving crypto issues one case at a time and instead adopt clear, economy-wide rules. In a March 5 letter that was made public the following Tuesday, the group warned that individualized relief — such as no-action letters — can offer narrow, short-term clarity but risks creating regulatory fragmentation, implicit merit-based regulation, and unequal treatment across projects. Coin Center pressed the SEC to “prioritize rulemaking wherever possible.”
The letter emphasized that crypto networks are best treated as utility-like public goods rather than services run by private corporations, and argued that broad, predictable rules would protect that character and create fairer outcomes.
Since the letter was filed, the SEC issued a notice interpreting how certain “non-security” crypto assets fit under federal securities laws and published a token taxonomy distinguishing digital commodities, collectibles, utility tools, stablecoins, and securities. The SEC and the Commodity Futures Trading Commission also signed a memorandum of understanding on March 12 to improve coordination and reduce long-standing jurisdictional disputes.
Coin Center warned that reliance on case-by-case no-action relief gives an advantage to projects or firms with the resources to seek individualized rulings, creating an uneven playing field. No-action letters continue to appear from both agencies: for example, the CFTC Market Participants Division recently issued a no-action letter for wallet provider Phantom Technologies saying it would, in certain circumstances, refrain from recommending enforcement for failure to register as a broker. The SEC has similarly issued no-action letters for decentralized physical infrastructure network projects and, last September, allowed investment advisers to use state trust companies as crypto custodians via a no-action letter.
Separately, lawmakers are pursuing statutory solutions. The CLARITY Act, which seeks to delineate SEC and CFTC jurisdiction over digital assets, is moving through Congress; if enacted it aims to reduce ambiguity and produce more consistent regulatory treatment across the crypto industry.