Internet reports that the TD Cowen report pointed out that US Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw opposed the characterization of stablecoins as "non-securities", which may become a new obstacle to stablecoin legislation. Crenshaw criticized the SEC for underestimating the risks of stablecoins, saying the statement was seriously flawed at the legal and factual levels. The SEC said last week that stablecoins that are backed by reserves and can be easily redeemed do not constitute securities. Crenshaw opposed this, emphasizing that intermediaries may not redeem US dollars at a 1:1 ratio, which poses a risk to investors. Although both houses of Congress have advanced different versions of draft stablecoin regulations, differences within Crenshaw and the SEC could affect legislative consensus, especially at the Senate level where Democratic support is crucial. In addition, Maxine Waters, the Democratic leader of the House Financial Services Committee, also expressed concern about former President Trump's involvement in crypto policy, warning that legislation could pave the way for entrepreneurs such as Musk to issue stablecoins.