Caroline Crenshaw is up for re-election as SEC Commissioner on Wednesday.
While crypto-industry has criticised SEC Chairman Gary Gensler (among others), crypto lobbyists group Cedar Innovation Foundation have said that Crenshaw is even more anti crypto than Gensler.
Emiliechoi, a Coinbase employee who pointed out Crenshaw last week. “embarrassingly” Bitcoin ETFs that are opposed to spot bitcoin. These have accumulated combined net inflows totaling $33.9 billion.
Crenshaw referred to the SEC approval in January “unsound and ahistorical” — adding “they put us on a wayward path that could further sacrifice investor protection.”
Cody Carbone, president of The Digital Chamber, argued in a letter to committee members that Crenshaw — in her dissent on spot bitcoin ETFs — cited outdated studies and ignored the industry’s maturity.
The SEC was found to have arbitrarily denied bitcoin funds in 2023 after the SEC approved them.
Crenshaw took office as a SEC commissioner on August 1, 2020. Carbone said what others have done before. “the agency leaned heavily on a regulation-by-enforcement approach, creating an unpredictable environment that has stifled innovation and undermined investor confidence.”
The representative from Crenshaw responded that the commissioner’s position on crypto or bitcoin ETFs had not changed. The representative for Crenshaw did not respond immediately.
Gensler announced last month that he will leave the SEC Jan. 20, (Inauguration day). Fellow Democrat Commissioner Jaime Lizárraga is also set to leave the agency that day.
That leaves crypto-friendly Hester Peirce and Mark Uyeda as commissioners — with terms ending in 2025 and 2028, respectively.
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