SEC paints 'a distorted picture' of USD stablecoin market — Crenshaw

One of the SEC’s most vocal crypto critics pushed back on the agency’s new stablecoin guidelines, which were welcomed by many in the crypto industry.

US Securities and Exchange Commission (SEC) Commissioner and vocal crypto critic Caroline Crenshaw has accused the US regulator of downplaying risks and misrepresenting the US stablecoin market in its newly published guidelines.

However, many in the crypto industry see the new SEC guidelines — which say stablecoins that meet certain criteria are now considered "non-securities" and are exempt from transaction reporting requirements — as a step in the right direction.

In an April 4 statement, Crenshaw, who is widely known for opposing the spot Bitcoin ETFs, said that the SEC's statement on stablecoins contained "legal and factual errors that paint a distorted picture of the USD-stablecoin market that drastically understates its risks."

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