Commissioning by the US Securities and Exchange Commission (SEC) and Crypto Critical Voice Caroline Crenshaw has accused the US regulator of reducing risks and misconduct of the US Stablecoin Market in newly published guidelines.
However, many in the crypto industry see the SEC’s decision as a step in the right direction.
In a statement on April 4, Crenshaw, widely known for opposition to the Bitcoin ETF area, Says That the SEC statement to Stablecoins contains “legal and realistic errors painting an ugly picture of the USD-stablecoin market that drastically understand its risks.”
Crenshaw does not agree, the applauds of the crypto industry
Under the new SEC guidelines, the stablecoins that meet some criteria is now considered to be “Non-Securities” and no fee with transaction reporting requirements.
Crenshaw overcame the accuracy of the SEC’s review when it came to that decision. He pushed the SEC again for repairing the actions that provided “which is said to stabilize the price, ensure the ability to redeem, and otherwise reduce the risk.”
Source: David Sacks
The SEC said “even briefly, that some USD-stablecoins are available to retail consumers only by an intermediary and indirectly from the giver.”
Crenshaw argued that it was misleading. He said:
“This is the general rule, not the exception, that these coins are available to the public’s retail only by intermediary who sells them in the second market, such as crypto trading platforms.”
“More than 90% of USD-stablecoins in circulation are distributed in this way,” Crenshaw added.
Meanwhile, many in the crypto industry have expressed optimism in the decision.
The founder of token metrics Ian Ballina Says It is “feeling a clear step in focusing on what is really important in the crypto space.”
The crypto industry said positive steps, late
Vemanti CEO Tan Tran Says He wanted the SEC to reach this point three years ago, while the head of midnight network was head of partnerships Ian Kane Says It “feels like developing for crypto people trying to play by policies.”
Crenshaw said it was “also inaccurate” for the SEC to ensure users that a giver could handle unlimited redemption simply because these reserves match or exceed the supply amount.
Related: Stablecoins ‘in the Bull Market’; Solana Sputters: Vaneck
“The overall financial health health and solvency cannot be judged by its reserve value, without telling us about responsibilities, risks from financial activities, and so on,” Crenshaw said.
He explained that Stablecoins always carried some risk, especially in market collapse.
It will only come weeks after Stablecoin issuer Tether has already reported Engaged in a large four accounting firm To highlight the reserve of its properties and to verify that USDT Stablecoin has been back in a 1: 1 ratio.
On March 22, Cointelegraph reported that Tether CEO Paolo Ardoino said the audit process would be more straightforward under pro-crypto US President Donald Trump.
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