SEC Commissioner Crenshaw warns of risks in 'regulatory building block games': excessive relaxation could trigger a new round of financial crisis According to the official website of the SEC, US SEC Commissioner Caroline A. Crenshaw gave a speech at the "SEC Speaks" conference, warning that the current regulatory environment is entering a "dangerous building block game", continuously weakening key rules and enforcement, which may shake the market foundation. She pointed out that phenomena such as lax regulation of stablecoins, withdrawal of enforcement, and staff turnover may repeat the regulatory failures before the 2008 financial crisis, ultimately causing ordinary investors to pay a price. Crenshaw calls for a restoration of emphasis on the integrity of the SEC system to avoid future mistakes.