PANews reported on May 20 that according to the SEC official website, Caroline A. Crenshaw, Commissioner of the U.S. SEC, delivered a speech at the "SEC Speaks" conference, warning that the current regulatory environment is falling into a "dangerous game of building blocks" and that continued weakening of key rules and enforcement could shake the foundations of the market. She pointed out that phenomena including lax regulation of stablecoins, withdrawal of enforcement, and staff turnover may repeat the regulatory failures before the 2008 financial crisis and ultimately cost ordinary investors. Crenshaw called for a restoration of attention to the integrity of the SEC system to avoid repeating the same mistakes in the future.