According to a report by Deep Tide TechFlow, on May 20, SEC Democratic Commissioner Caroline Crenshaw warned that the regulatory strategy for the cryptocurrency industry under the Trump administration is like "regulatory stacking," which could jeopardize market stability. She criticized the SEC for regulating the cryptocurrency market through non-enforcement methods, damaging institutional credibility. Meanwhile, Republican commissioners support the development of the cryptocurrency industry, believing that most cryptocurrencies do not fall under the category of securities.

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