On April 9, Ren TD Cowen reported that SEC Commissioner Caroline Crenshaw opposes classifying stablecoins as "non-securities," which may become a new obstacle to stablecoin legislation. Crenshaw criticized the SEC for underestimating stablecoin risks, stating that the declaration has serious deficiencies at legal and factual levels. Last week, the SEC stated that stablecoins with reserve support and easy redemption do not constitute securities. Crenshaw voiced opposition, emphasizing that intermediaries may not redeem dollars at a 1:1 ratio, posing risks to investors. Although both congressional chambers have advanced different versions of stablecoin regulatory drafts, Crenshaw's disagreement with the SEC internally may affect legislative consensus, especially in the Senate where Democratic support is crucial. Additionally, Maxine Waters, the Democratic leader of the House Financial Services Committee, also expressed concerns about former President Trump's involvement in crypto policy, warning that legislation could pave the way for entrepreneurs like Musk to issue stablecoins.