美国证券交易委员会（SEC）专员卡罗琳·克伦肖（Caroline Crenshaw）批评了该机构对Stablecoins的最新立场

Yerevan（Coinchapter.com） - 美国证券交易委员会（SEC）的专员Caroline Crenshaw批评该机构对Stablecoins的最新立场。

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.

美国证券交易委员会（SEC）的专员卡罗琳·克伦肖（Caroline Crenshaw）对该机构对Stablecoins的最新立场进行了批判性评估。克伦肖在她的声明中说，SEC对某些USD Stablecoins的新方法包含法律和事实错误。

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.

根据4月4日发布的法律文件，克伦肖（Crenshaw）瞄准了美国证券交易委员会（SEC）的说法，即某些稳定者可能不是证券，也可以免于交易报告。

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

Crenshaw的评论强调了如何查看Stablecoin市场中的风险的意见差异。

Stablecoin Risks Remain Despite Full Back

尽管背部充满

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.

美国证券交易委员会说，如果美元稳定发行人持有的储备金与代币供应相同，则可以处理无限的赎回。但是，克伦肖认为，这种观点没有考虑到Stablecoin风险的全部情况。

“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说：“发行人的整体财务状况和偿付能力不能根据其储备的价值来判断。”她补充说，储备金没有显示发行人的负债或其他财务风险。

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.

克伦肖的言论是在关于美国加密货币的法律地位以及SEC在规范行业中的作用的持续讨论。

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

今年早些时候，SEC起诉了主要的加密货币交易所Coinbase（NASDAQ :)和BINANCE涉嫌作为未注册的交易所运营并出售未注册的证券。

Stablecoin Market Structure

Stablecoin市场结构

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

克伦肖还推迟了SEC的说法，即发行人的行动（例如保持令牌稳定或确保赎回）降低了风险。

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

她说，该机构的观点忽略了这些机制在实践中的实际运作方式。

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

克伦肖说，大多数美元的稳定者都是通过中介出售的，而不是直接出售给零售用户，如SEC所述。

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

根据她的分析，以这种方式分配了超过90％的循环中90％的稳定蛋白。

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

Chainwire指出：“这一点标志着Crenshaw的评估与SEC Stablecoin指导之间的关键差异。”

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

她的分析表明，市场结构与SEC措辞传达的印象有很大不同。

Industry Reactions Mixed

行业反应混杂

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

加密行业的一部分对SEC的更新做出了回应。尽管卡罗琳·克伦肖（Caroline Crenshaw）表示关注，但一些行业领导人欢迎澄清。

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.

代币指标的创始人伊恩·巴利纳（Ian Ballina）表示，指导将重点转移到重要问题上。 Vemanti Group首席执行官Tan Tran说，他希望早些时候看到这一变化。午夜网络的伊恩·凯恩（Ian Kane）表示，它可以帮助遵守规则的人。

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.

尽管某些部门有积极的反应，但克伦肖警告说，该指南并不反映真正的稳定风险。她说，新方法可能会给公众带来错误的安全感。

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.

当Tether开始与一家四大会计师事务所合作以审核其储备并确认其USDT Stablecoin的言论完全支持时，Crenshaw的评论就会出现。

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，系绳首席执行官保罗·阿多利诺（Paolo Ardoino）表示，如果唐纳德·特朗普（Donald Trump）返回美国总统，这一过程可能会更快。特朗普被认为更支持加密。

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提出了有关USD Stablecoins的支持以及透明发行人的真实情况的新问题。 Crenshaw的评论与对Stablecoin风险和Stablecoin市场结构的更广泛的担忧有关。