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

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