SEC Commissioner Caroline Crenshaw's opposition to the statement that stablecoins are not securities adds a new hurdle for pending stablecoin legislation. According to TD Cowen, this internal SEC division could complicate the bill’s passage, though it still has a chance. Crenshaw warned that stablecoin risks are understated and users may not get 1:1 redemptions as promised. Meanwhile, Congress is pushing forward on new rules, but Democratic support is needed in the Senate for it to pass.

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