Is' stablecoin 'still a risky business SEC guru Caroline A. Crenshaw has once again taken a big step forward by directly removing the "fig leaf" of stablecoins in this report, as the statement argues that certain so-called "stablecoins" are not securities. The extraordinary aspect of this statement lies not in its final conclusion, but in the conclusion relied upon by analysts. The legal and factual errors in the statement distort the US dollar stablecoin market and greatly underestimate its risks. She hit the nail on the head: Don't be fooled by the name "stablecoin", there are actually many unstable situations: 1. Intermediary agencies are a big pit: over 90% of stablecoins are sold to retail investors through intermediaries (such as trading platforms), rather than directly buying from issuers. What was the result? Retail investors simply have no right to directly ask the issuer to redeem their money. If the money in their hands collapses, they can only find an intermediary. But what if the intermediary does not awesome? 2. Reserve funds? Don't be too naive: the issuer claims to have a 1:1 reserve of US dollars, but retail investors simply can't access this money! Intermediary agencies are the key, but they only redeem you at market prices. Where did you get the "1 dollar for 1 coin" deal? Not to mention the reserve certificate report, the SEC has long warned that this thing is unregulated, unreliable, not subject to PCAOB standards, and completely up to the issuer to decide. Refer to SEC v. TrueCoin LLC and TrustToken, Inc. (filed complaint on September 24, 2024) (stablecoin issuer settles fraud allegations based on false statements about its reserve assets). 3. Run on risk: When the market panics, stablecoin prices fall, and everyone rushes to redeem, who can withstand the issuer or intermediary? Once there is a run on the market, it may trigger a selling cycle, and even traditional finance will have to shake three times! 4. Regulation? Almost none: The transparency of the issuer's reserves is low, investment management is unreliable, and retail investors know nothing. Caroline was directly angry: this is not a 'digital dollar', it is clearly a high-risk encrypted asset! No collateral, no insurance, risk explosion! GENIUS Act: Bankruptcy Risk of Stablecoins "(March 2, 2025). The timing of today's statement - which comes at a time when the country is experiencing unprecedented market turbulence since the early stages of COVID-19- raises questions about how the committee chose to deploy its increasingly limited human resources. 📅 source: Caroline A. Crenshaw，2025.4.5 Cryptocurrency, stablecoin, blockchain, SEC CryptoNews