Author: Mirjan Hipolito; Source: tradersunion
The U.S. Senate Banking Committee will vote on December 11 on the re-nomination of Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw, whose anti-cryptocurrency stance has sparked backlash from industry leaders.
According to Cointelegraph, Crenshaw has been a vocal critic of cryptocurrencies, facing criticism for opposing key cryptocurrency initiatives (including a spot Bitcoin ETF).
Crenshaw's stance on cryptocurrencies
Crenshaw, who was appointed as an SEC Commissioner in August 2020, has expressed skepticism about cryptocurrencies. In January this year, she was one of two Commissioners who voted against approving a spot Bitcoin ETF, arguing that the decision lacked a solid legal and historical basis. Her dissenting opinion was particularly harsh, even setting her apart from fellow Commissioner Jaime Lizárraga.
Bloomberg ETF analyst James Seyffart described Crenshaw as a "staunch crypto critic," suggesting that she has gone further in opposing digital assets than the other well-known crypto critic, SEC Chair Gary Gensler.
Industry leaders' pushback
Leaders in the cryptocurrency industry have strongly opposed Crenshaw's potential reappointment. Coinbase President and Chief Operating Officer Emilie Choi posted on X on December 7, criticizing her, saying "Caroline Crenshaw is an anti-crypto person. She even embarrassingly opposed a Bitcoin ETF. The SEC needs to change."
Digital payments company WSPN CEO Austin Campbell accused Crenshaw of disregarding legal authority, as she defied a federal judge's order in the Bitcoin ETF approval process.
Alexander Grieve, Vice President of Government Affairs at cryptocurrency investment firm Paradigm, believes that Senate Banking Committee Chair Sherrod Brown may reappoint Crenshaw, which would be a parting blow to the cryptocurrency industry.
Changes in SEC leadership
Crenshaw's reappointment comes at a critical time for the SEC, as its leadership is set to undergo significant changes. Gary Gensler, whose tenure has been marked by controversy with the cryptocurrency industry, will leave the agency on January 20, 2025. Recently elected President Donald Trump has nominated Paul Atkins, known for a more crypto-friendly stance, to replace Gensler, which has been welcomed by the digital asset community.
Impact of Crenshaw's reappointment
The upcoming vote represents a potential continuation of Crenshaw's critical view of cryptocurrencies in the SEC's regulatory approach. With policymakers and the crypto industry at odds, the outcome of Crenshaw's reappointment vote could have a significant impact on the future digital asset regulatory landscape in the U.S.
