Commissioner Caroline Crenshaw, a woman with a knack for stirring the pot, recently lambasted the SEC’s rather rosy view of dollar-pegged crypto assets. According to her, the agency’s assessment of the stablecoin market is about as thorough as a goldfish’s memory. 🐠
Crenshaw, with the precision of a cat stalking a laser pointer, pointed out that retail investors usually get their hands on stablecoins through intermediaries. These intermediaries, however, have about as much legal obligation to redeem stablecoins as a toddler has to share their candy. If an intermediary decides to throw in the towel or simply refuses to play ball, investors could be left holding the bag—or in this case, a bag of digital disappointment. 🎒
One of Crenshaw’s more biting observations is that stablecoin holders don’t actually have the direct redemption rights the SEC seems to think they do. Instead of waltzing up to the issuer’s reserve and demanding their dollar, retail users must rely on intermediaries who pay out based on market value. This, of course, is about as reliable as a weather forecast in April. 🌧️
Crenshaw, with the fervor of a man who’s just discovered his favorite pub has run out of ale, stressed that the involvement of intermediaries makes issuer-backed reserves about as useful as a chocolate teapot. Since intermediaries aren’t required to redeem stablecoins at face value, retail holders might only get the market price, not the promised $1. It’s like buying a ticket to the moon and ending up in a kiddie pool. 🌕🏊
The commissioner’s critique comes hot on the heels of the SEC’s declaration that non-yield-bearing stablecoins aren’t securities. However, the agency has yet to clarify its stance on other types of stablecoins, including those that generate yield, are algorithmically backed, or are tied to non-USD assets. Crenshaw’s comments have sparked a lively debate within the SEC about how to manage the ever-evolving stablecoin landscape while keeping retail investors from losing their shirts. 🎭
Read More
- Top 8 UFC 5 Perks Every Fighter Should Use
- Unlock the Magic: New Arcane Blind Box Collection from POP MART and Riot Games!
- Unaware Atelier Master: New Trailer Reveals April 2025 Fantasy Adventure!
- How to Reach 80,000M in Dead Rails
- Unlock Roslit Bay’s Bestiary: Fisch Fishing Guide
- Unlock the Best Ending in Lost Records: Bloom & Rage by Calming Autumn’s Breakdown!
- How to Unlock the Mines in Cookie Run: Kingdom
- REPO: How To Fix Client Timeout
- Toei Animation’s Controversial Change to Sanji’s Fight in One Piece Episode 1124
- Unleash Hell: Top10 Most Demanding Bosses in The First Berserker: Khazan
2025-04-08 09:06