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Caroline Crenshaw Rebukes SEC, Claims ‘Over 90% Stablecoins’ Sold Through Risky Channels
In a scathing critique of her own agency, U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw has taken aim at the regulator’s newly issued guidelines on stablecoins, accusing them of misrepresenting both legal facts and risk assessments. This move comes amidst an increasingly tumultuous backdrop for the stablecoin market.
Crenshaw, a stalwart advocate for regulatory clarity in the crypto space, asserted that the SEC’s framework downplays the vulnerabilities of the USD-backed stablecoin market. Her criticisms are centered around what she perceives as the regulator’s failure to adequately address potential risks inherent in the system.
While Crenshaw did not specify which issuers are engaging in risky channels, her comments have sparked a heated debate within the crypto community. The Commissioner emphasized that it is imperative for regulators and policymakers to acknowledge the significant flaws in their current approach and reassess the market’s regulatory landscape.
In contrast, some figures in the space have welcomed the SEC’s more defined stance on stablecoins, considering it a step towards greater clarity and focus on key issues. Nevertheless, Crenshaw’s remarks highlight the growing pressure for clearer oversight and accountability within the sector.
As tensions surrounding the stablecoin market continue to escalate, this commentary underscores the need for regulators to re-evaluate their approach in addressing the risks inherent in this burgeoning industry.
Source: https://ambcrypto.com/caroline-crenshaw-rebukes-sec-over-90-stablecoins-sold-through-risky-channels/
