美國證券交易委員會（SEC）專員卡羅琳·克倫肖（Caroline Crenshaw）批評了該機構對Stablecoins的最新立場

Yerevan（Coinchapter.com） - 美國證券交易委員會（SEC）的專員Caroline Crenshaw批評該機構對Stablecoins的最新立場。

Caroline Crenshaw, Commissioner at the U.S. Securities and Exchange Commission (SEC), has launched a critical assessment of the agency’s latest stance on stablecoins. In her statement, Crenshaw said the SEC’s new approach to some USD stablecoins contains legal and factual mistakes.

美國證券交易委員會（SEC）的專員卡羅琳·克倫肖（Caroline Crenshaw）對該機構對Stablecoins的最新立場進行了批判性評估。克倫肖在她的聲明中說，SEC對某些USD Stablecoins的新方法包含法律和事實錯誤。

According to legal documents released on April 4, Crenshaw took aim at the SEC’s claims that certain stablecoins may not be securities and could also be exempt from transaction reporting.

根據4月4日發布的法律文件，克倫肖（Crenshaw）瞄準了美國證券交易委員會（SEC）的說法，即某些穩定者可能不是證券，也可以免於交易報告。

Crenshaw’s comments highlight a difference in opinion on how to view the risks in the stablecoin market.

Crenshaw的評論強調瞭如何查看Stablecoin市場中的風險的意見差異。

Stablecoin Risks Remain Despite Full Back

儘管背部充滿

The SEC said that if a USD stablecoin issuer holds reserves equal to the token supply, it could handle unlimited redemptions. However, Crenshaw argued that this view does not take into account the full picture of stablecoin risks.

美國證券交易委員會說，如果美元穩定發行人持有的儲備金與代幣供應相同，則可以處理無限的贖回。但是，克倫肖認為，這種觀點沒有考慮到Stablecoin風險的全部情況。

“The issuer’s overall financial health and solvency cannot be judged by the value of its reserve,” stated Crenshaw. She added that the reserve levels do not show the issuer’s liabilities or other financial risks.

Crenshaw說：“發行人的整體財務狀況和償付能力不能根據其儲備的價值來判斷。”她補充說，儲備金沒有顯示發行人的負債或其他財務風險。

Crenshaw’s remarks come amid ongoing discussion about the legal status of cryptocurrencies in the U.S. and the role of the SEC in regulating the industry.

克倫肖的言論是在關於美國加密貨幣的法律地位以及SEC在規範行業中的作用的持續討論。

Earlier this year, the SEC sued major cryptocurrency exchange Coinbase (NASDAQ:) and Binance for allegedly operating as unregistered exchanges and selling unregistered securities.

今年早些時候，SEC起訴了主要的加密貨幣交易所Coinbase（NASDAQ :)和BINANCE涉嫌作為未註冊的交易所運營並出售未註冊的證券。

Stablecoin Market Structure

Stablecoin市場結構

Crenshaw also pushed back on the SEC’s claim that issuer actions — like keeping the token stable or ensuring redemptions — reduce risk.

克倫肖還推遲了SEC的說法，即發行人的行動（例如保持令牌穩定或確保贖回）降低了風險。

She stated that the agency’s view overlooks how these mechanisms actually work in practice.

她說，該機構的觀點忽略了這些機制在實踐中的實際運作方式。

Crenshaw said the majority of USD stablecoins are sold through intermediaries, not directly to retail users as the SEC mentioned.

克倫肖說，大多數美元的穩定者都是通過中介出售的，而不是直接出售給零售用戶，如SEC所述。

According to her analysis, over 90% of USD stablecoins in circulation are distributed in this way.

根據她的分析，以這種方式分配了超過90％的循環中90％的穩定蛋白。

“This point marks a crucial divergence between Crenshaw’s assessment and the SEC stablecoin guidance,” noted Chainwire.

Chainwire指出：“這一點標誌著Crenshaw的評估與SEC Stablecoin指導之間的關鍵差異。”

Her analysis indicates that the market structure differs significantly from the impression conveyed by the SEC’s phrasing.

她的分析表明，市場結構與SEC措辭傳達的印像有很大不同。

Industry Reactions Mixed

行業反應混雜

Parts of the crypto industry responded to the SEC’s update. While Caroline Crenshaw expressed concerns, some industry leaders welcomed the clarification.

加密行業的一部分對SEC的更新做出了回應。儘管卡羅琳·克倫肖（Caroline Crenshaw）表示關注，但一些行業領導人歡迎澄清。

Ian Ballina, founder of Token Metrics, said the guidance shifts focus to important matters. Tan Tran, CEO of Vemanti Group, said he had hoped to see this change earlier. Ian Kane of Midnight Network said it helps those following the rules.

代幣指標的創始人伊恩·巴利納（Ian Ballina）表示，指導將重點轉移到重要問題上。 Vemanti Group首席執行官Tan Tran說，他希望早些時候看到這一變化。午夜網絡的伊恩·凱恩（Ian Kane）表示，它可以幫助遵守規則的人。

Despite positive reactions from some sectors, Crenshaw warned that the guidance does not reflect real stablecoin risks. She said the new approach may give a false sense of security to the public.

儘管某些部門有積極的反應，但克倫肖警告說，該指南並不反映真正的穩定風險。她說，新方法可能會給公眾帶來錯誤的安全感。

Crenshaw’s comments come as Tether begins working with a Big Four accounting firm to audit its reserves and confirm its USDT stablecoin is fully backed.

當Tether開始與一家四大會計師事務所合作以審核其儲備並確認其USDT Stablecoin的言論完全支持時，Crenshaw的評論就會出現。

On March 22, Tether CEO Paolo Ardoino said this process could move faster if Donald Trump returned as U.S. President. Trump is seen as more supportive of crypto.

3月22日，繫繩首席執行官保羅·阿多利諾（Paolo Ardoino）表示，如果唐納德·特朗普（Donald Trump）返回美國總統，這一過程可能會更快。特朗普被認為更支持加密。

The Tether audit raises new questions about how USD stablecoins are backed and how transparent issuers really are. Crenshaw’s comments connect to these broader concerns about stablecoin risks and the structure of the stablecoin market.

Tether Audit提出了有關USD Stablecoins的支持以及透明發行人的真實情況的新問題。 Crenshaw的評論與對Stablecoin風險和Stablecoin市場結構的更廣泛的擔憂有關。