BlockBeats News, April 9th, TD Cowen's report pointed out that Caroline Crenshaw, Commissioner of the U.S. Securities and Exchange Commission (SEC), opposed classifying stablecoins as "non-securities," which could pose a new obstacle to stablecoin legislation. Crenshaw criticized the SEC for underestimating the risks of stablecoins, stating that this statement has serious legal and factual deficiencies.Last week, the SEC stated that stablecoins with reserve backing that can be easily redeemed do not constitute securities. Crenshaw spoke out against this, emphasizing that intermediaries may not necessarily redeem dollars at a 1:1 ratio, posing a risk to investors. Although both houses of Congress have been advancing different versions of stablecoin regulation bills, the disagreement between Crenshaw and the SEC internally may affect legislative consensus, especially at the crucial Senate level where Democratic support is essential. In addition, Maxine Waters, the Democratic leader of the House Financial Services Committee, also expressed concern about former President Trump's involvement in crypto policy, warning that legislation could pave the way for entrepreneurs like Musk to issue stablecoins.