PANews reported on April 9 that according to The Block, TD Cowen pointed out that SEC Commissioner Caroline Crenshaw publicly opposed the agency's position that stablecoins are "non-securities", which may become another obstacle to stablecoin legislation. Recently, committees of both houses of Congress have promoted relevant bills to set regulatory standards such as reserves. Crenshaw criticized the SEC for underestimating the risks of stablecoins and emphasized that intermediaries do not promise 1:1 redemption.