The U.S. Senate Banking Committee, on Dec. 11, will determine whether or not to renominate Caroline Crenshaw as a Democrat Securities and Exchange Commission Commissioner. Crenshaw is a staunch opponent of cryptocurrency and her potential re-election has not been well received by the crypto community.
Crenshaw is ‘anti-crypto,’ says Coinbase COO
Crenshaw is one of two SEC members who opposed the approval in January of Bitcoin ETFs. In her letter dissenting from the SEC’s decision, which Crenshaw called “unsound and ahistorical,”She wrote:
“I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”
SEC commissioner, Jaime Lizárraga, the only other SEC commissioner who voted against Bitcoin ETFs, did not add his name to her letter.
James Seyffart is a Bloomberg ETF Analyst. He claims that Crenshaw wasn’t even a candidate. “more vehemently anti-crypto”Gary Gensler is the SEC Chair, and has been referred as such. “evil” himself. She was more than “just an ally to Gensler,”Seyffart wrote this in an X message earlier this week.
Emilie Choi, Coinbase’s COO/President wrote the following in an X-post dated December 7:
“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Given Crenshaw’s widely-known opinions against crypto, the community is frustrated with the upcoming vote on Wednesday. Alexander Grieve is the vice president for government affairs of crypto investment company Paradigm. “one last “gift” for crypto” that Democrat Senate Banking Chair Sherrod Brown is “trying to ram through”Before he leaves his seat.
Crenshaw’s position as SEC president will remain unchanged if the Senate votes in favor of her. She can hold this post until 2029. However, if she’s not confirmed by the Senate, president-elect Donald Trump will be free to nominate someone as replacement.
Austin Campbell, the CEO of digital payment firm WSPN wrote an X-post:
“I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”
Trump’s SEC chair pick has received the crypto community’s approval
Trump named Paul Atkins as the new SEC head earlier this week. Atkins is a former SEC Commissioner who was known to be pro-crypto. Crypto industry is ecstatic about the announcement.
Atkins will likely take a more relaxed approach than Gensler to crypto regulations. He was Republican SEC commissioner between 2002 and 2008. Atkins’ advocacy of investor protection, free-market principles, and his focus to clarify complex financial markets are what make him so well known.
Atkins’ nomination. Atkins’ nomination. “sorely needed and cannot come a day too soon,”Paul Grewal, the chief legal counsel at Coinbase said this in a post on X.
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