{"id":480482,"date":"2025-04-06T00:30:33","date_gmt":"2025-04-05T19:00:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=480482"},"modified":"2025-04-05T16:56:15","modified_gmt":"2025-04-05T11:26:15","slug":"caroline-crenshaw-rebukes-sec-over-90-stablecoins-sold-through-risky-channels","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/caroline-crenshaw-rebukes-sec-over-90-stablecoins-sold-through-risky-channels\/","title":{"rendered":"Caroline Crenshaw rebukes SEC: &#8216;Over 90% stablecoins&#8217; sold through risky channels"},"content":{"rendered":"<ul>\n<li><em>SEC&#8217;s stablecoin guidelines were criticized by Commissioner Crenshaw for misrepresenting risks and legal facts.<\/em><\/li>\n<li><em>The stablecoin market faces scrutiny as Tether engages in asset audits and legislative moves.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a sharp rebuke of her own agency, U.S. SEC Commissioner Caroline Crenshaw has publicly <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/crenshaw-statement-stablecoins-040425?utm_medium=email&amp;utm_source=govdelivery#_ftn1\" target=\"_blank\" rel=\"noopener\">criticized<\/a> the regulator\u2019s newly issued guidelines on <a href=\"https:\/\/ambcrypto.com\/category\/stablecoins\/\" target=\"_blank\" rel=\"noopener\">stablecoins<\/a>, accusing it of misrepresenting both legal interpretations and risk factors.<\/span><\/p>\n<h2>Caroline Crenshaw slams SEC&#8217;s stablecoin guidelines<\/h2>\n<p>Known for her hard stance against spot Bitcoin ETFs, Crenshaw argued in a statement that the SEC&#8217;s latest position downplays the vulnerabilities of the USD-backed stablecoin market and riddles it with both legal and factual flaws.<\/p>\n<p>While the new framework classifies certain stablecoins as \u201cnon-securities\u201d and relaxes reporting requirements, Crenshaw contends that the agency glosses over critical safeguards and overstates the effectiveness of issuer mechanisms designed to reduce risk.<\/p>\n<p><span style=\"font-weight: 400;\">For those unaware, the SEC had earlier noted,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;Some USD-stablecoins are available to retail purchasers only through an intermediary and not directly from the issuer.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Crenshaw pushed back against the SEC\u2019s conclusions, asserting they were misleading and failed to capture the true risks. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">She said,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;It is the general rule, not the exception, that these coins are available to the retail public only through intermediaries who sell them on the secondary market, such as crypto trading platforms.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Crenshaw added,\u00a0<\/span><\/p>\n<blockquote><p>&#8220;Over 90% of USD-stablecoins in circulation are distributed in this way.&#8221;<\/p><\/blockquote>\n<h2>Mixed reaction from the crypto community<\/h2>\n<p><span style=\"font-weight: 400;\">While some in the crypto community welcomed the SEC\u2019s clearer stance on stablecoins, with figures like Token Metrics founder Ian Ballina describing it as a step toward focusing on key issues, others expressed concern.<\/span><\/p>\n<figure id=\"attachment_480484\" aria-describedby=\"caption-attachment-480484\" style=\"width: 882px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/04\/Ian-Balina.webp\"><img decoding=\"async\" class=\"wp-image-480484 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/04\/Ian-Balina.webp\" alt=\"Ian Balina\" width=\"882\" height=\"394\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/04\/Ian-Balina.webp 882w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/04\/Ian-Balina-300x134.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/04\/Ian-Balina-768x343.webp 768w\" sizes=\"(max-width: 882px) 100vw, 882px\" \/><\/a><figcaption id=\"caption-attachment-480484\" class=\"wp-caption-text\">Source: Ian Balina\/X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Vemanti CEO Tan Tran wished the SEC had adopted such clarity earlier and said,<\/span><\/p>\n<blockquote><p>&#8220;Thank you for the clarification, @SECGov. Wish you had arrived at this same conclusion 3 years earlier&#8230;No matter, better late than never. We&#8217;re working on relaunching the @Vemanti $VMNT USDV stablecoin.&#8221;<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Ian Kane of Midnight Network viewed it as progress for crypto enthusiasts abiding by regulations and <\/span><a href=\"https:\/\/x.com\/IamIanKane\/status\/1908280620729471402\" target=\"_blank\" rel=\"noopener\">said<\/a>,<\/p>\n<blockquote><p>&#8220;Overall, this feels like progress for crypto folks trying to play by the rules. Is this complete regulatory clarity? Nope. It\u2019s a signal. If you&#8217;re building stable, transparent, and boring-in-a-good-way financial tools, there may be a compliant path forward.&#8221;<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">However, Crenshaw took issue with the SEC&#8217;s reassurances, calling it \u201cgrossly inaccurate\u201d to suggest that issuers could handle unlimited redemptions simply because their reserves meet or exceed supply.<\/span><\/p>\n<p>She added,<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;The issuer&#8217;s overall financial health and solvency cannot be judged by the value of its reserve, which tells us nothing about its liabilities, risk from proprietary financial activities, and so forth.&#8221;\u00a0<\/span><\/p><\/blockquote>\n<h2>Stablecoin market current condition<\/h2>\n<p><span style=\"font-weight: 400;\">That being said, Crenshaw&#8217;s concerns come at a time when the stablecoin market is under increasing scrutiny. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just weeks prior, Tether had reportedly engaged a Big Four accounting firm to audit its asset reserves, ensuring its USDT stablecoin maintains a 1:1 backing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This coincided with the total transaction volume of stablecoins reaching $670.22 billion in March, with USDT leading, followed by USDC, according to <a href=\"https:\/\/visaonchainanalytics.com\/transactions\" target=\"_blank\" rel=\"noopener\">Visa&#8217;s on-chain analytics<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In parallel, the U.S. House Financial Services Committee <a href=\"https:\/\/ambcrypto.com\/u-s-house-greenlights-stable-act-a-game-changer-for-stablecoin-regulation\/\" target=\"_blank\" rel=\"noopener\">advanced<\/a> the Republican-backed Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, passing it by a 32-17 vote on 2nd April. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This legislative movement underscores the growing pressure for clearer oversight and accountability in the stablecoin sector.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With stablecoin transactions skyrocketing, why is the SEC\u2019s approach suddenly under fire?<\/p>\n","protected":false},"author":66,"featured_media":480485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,5825,20],"tags":[6427],"class_list":["post-480482","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-stablecoins","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Caroline Crenshaw rebukes SEC: &#039;Over 90% stablecoins&#039; 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