SEC paints 'a distorted picture' of USD-stablecoin market — Crenshaw

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Coin Telegraph 18h ago

SEC paints 'a distorted picture' of USD-stablecoin market — Crenshaw - Coin Telegraph

Quick Summary:

Token Metrics founder Ian Ballina said it “feels like a clear step in focusing on what really matters in the crypto space.” Crypto industry says positive step, just lateVemanti CEO Tan Tran said he wished the SEC reached this point three years ago, while Midnight Network’s head of partnerships Ian Kane said it “feels like progress for crypto folks trying to play by the rules.”Crenshaw said it is "also grossly inaccurate" for the SEC to reassure users that an issuer has sufficient reserves to satisfy unlimited redemption requests just because its reserve is valued "at or above the par value of its outstanding coins".

Related: Stablecoins' in bull market'; Solana sputters: VanEck"The issuer'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," Crenshaw said.

US Securities and Exchange Commission (SEC) Commissioner and vocal crypto critic Caroline Crenshaw has accused the US regulator of downplaying risks and misrepresenting the US stablecoin market in its newly published guidelines.