The U.S. Senate Banking Committee is set to vote on December 11 on the renomination of Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw.
Known for her strong stance against cryptocurrencies, Crenshaw’s potential reappointment has drawn criticism from prominent voices in the crypto industry.
Crenshaw, who has served as an SEC commissioner since August 2020, has been a vocal opponent of crypto-related developments.
Crenshaw Opposed the Approval of Spot Bitcoin ETFs
She was one of two commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) in January 2024.
Following the decision to greenlight these ETFs, Crenshaw described the move as “unsound and ahistorical.”
Critics within the crypto community have been vocal about their dissatisfaction.
Emilie Choi, President and COO of Coinbase, labeled Crenshaw as “anti-crypto” in a December 7 post on X, citing her resistance to Bitcoin ETFs.
Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change. https://t.co/h2ESDLWKO4
— Emilie Choi
(@emiliemc) December 7, 2024
Alexander Grieve, Vice President of Government Affairs at Paradigm, described the renomination as a “last gift” from Senate Banking Chair Sherrod Brown before his departure.
Bloomberg ETF analyst James Seyffart also weighed in, stating Crenshaw is even more “vehemently anti-crypto” than SEC Chair Gary Gensler.
Seyffart highlighted Crenshaw’s dissenting letter on Bitcoin ETFs, noting that another opposing commissioner, Jaime Lizárraga, did not endorse her stance.
“Just read through her dissent letter on the Bitcoin ETF approvals back in January (The other dem commissioner, Lizárraga, didn’t even join her on that letter),” he said.
She wasn't just "an ally to Gensler" IMO — she was more vehemently anti crypto than Gensler. Just read through her dissent letter on the Bitcoin ETF approvals back in January (The other dem commissioner, Lizárraga, didn't even join her on that letter) https://t.co/JZwtklm9eM pic.twitter.com/H1rQgACjrY
— James Seyffart (@JSeyff) December 6, 2024
The announcement comes as the SEC prepares for significant leadership changes, with Gensler set to leave the agency on January 20, 2025.
Trump Elects Pro-Crypto Paul Atkins as Next SEC Chair
As Cryptonews reported earlier, President-elect Donald Trump is considering selecting Paul Atkins as SEC Chair.
Atkins, who previously served under SEC chairs Richard Breeden and Arthur Levitt, is “crypto savvy” and has a “deep understanding of the inner workings of the agency.”
Trump, who most recently launched his family’s crypto platform, World Liberty Financial, has regularly vowed to enact a crypto-friendly regulatory framework upon returning to the Oval Office.
As of late, the SEC has been facing growing criticism due to its “regulation-by-enforcement” approach to the crypto industry.
Critics argue that the SEC has failed to establish a clear regulatory framework for cryptocurrencies, opting instead to pursue legal action against key industry players.
A coalition of seven U.S. states has come together to challenge the Securities and Exchange Commission’s (SEC) regulation of cryptocurrency.
The states have filed an amicus brief, led by Iowa Attorney General Brenna Bird, arguing that the SEC’s attempt to regulate cryptocurrencies constitutes a “power grab” that would stifle innovation, harm the crypto industry, and exceed the agency’s authority.
The coalition includes Arkansas, Indiana, Kansas, Montana, Nebraska, with Oklahoma becoming the latest state to join.
Meanwhile, last week, the SEC filed a lawsuit against investment firm Touzi Capital, accusing it of defrauding investors and misrepresenting the liquidity and profitability of its crypto asset mining fund.
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