SEC’s Crenshaw Slams New Stablecoin Guidelines
Key Takeaways
The U.S. Securities and Exchange Commission (SEC) is facing criticism over its new guidelines on stablecoins. Commissioner Caroline Crenshaw accuses the agency of downplaying risks and misrepresenting legal foundations. Particularly concerning is the fact that over 90% of stablecoins are sold through third-party intermediaries — a reality the SEC, according to Crenshaw, does not adequately address. This debate comes amid increasing regulatory activity and growing market volumes in the stablecoin sector.
Crenshaw’s Criticism of the SEC
SEC Commissioner Caroline Crenshaw has publicly opposed the agency’s own guidelines on stablecoins. She argues that these rules downplay the risks associated with USD-pegged stablecoins and ignore key legal aspects. According to Crenshaw, the new regulations are rife with factual and legal errors.
She specifically criticizes the SEC’s claim that some stablecoins are only available through intermediaries. Crenshaw clarifies: “It is the rule, not the exception, that stablecoins are sold to end users through trading platforms.” In her view, over 90% of stablecoins are distributed this way.
What Are Stablecoins?
Stablecoins are cryptocurrencies whose value is pegged to a stable reference — usually the U.S. dollar. The goal is to avoid price volatility. Well-known examples include USDT (Tether) and USDC (USD Coin). They are often used in crypto trading as a substitute for fiat currency.
The issuers of these coins promise to hold a corresponding reserve for each unit issued. However, Crenshaw warns that the mere existence of reserves says nothing about the issuer’s overall financial health. Risks from other business activities remain unaccounted for.
Reactions from the Crypto Community
Reactions to the new SEC guidelines are mixed. Some view them as a step toward regulatory clarity. Ian Ballina, founder of Token Metrics, welcomed the new direction as a focus on relevant issues. Tan Tran, CEO of Vemanti, also praised the clarification but wished the SEC had acted sooner.
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Others were more reserved. Ian Kane from Midnight Network sees the new rules as a signal for developers who want to comply with legal requirements. However, it remains unclear whether they truly establish legal certainty.
Market Trends and Political Initiatives
The stablecoin market continues to grow. In March 2025, transaction volume reached approximately USD 670 billion, according to Visa analyses. Tether, the issuer of USDT, recently had its reserves audited by one of the “Big Four” accounting firms to build trust.
Meanwhile, U.S. lawmakers are working on legal regulation. On April 2, 2025, the House Financial Services Committee passed the so-called STABLE Act. This legislation aims to increase transparency and accountability among stablecoin issuers.
Our Assessment
Caroline Crenshaw’s public criticism sends a strong message: there is internal disagreement within the SEC on how to regulate stablecoins. Her comments on structural risks and the role of intermediaries should be taken seriously — especially as the market continues to grow and becomes increasingly systemically important.
As a user or investor, it’s essential to understand the origin and distribution channels of stablecoins. Direct purchases from issuers are rare. Most acquisitions occur via exchanges, which carry their own risks. Even though new guidelines are intended to bring clarity, the stablecoin sector remains an area with many unanswered questions.
We recommend focusing on transparency, audited reserves, and regulatory compliance when using stablecoins. Developments in the U.S. could also influence regulatory approaches in Europe — a topic we will continue to monitor closely.
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