Crypto industry frustrated over possibility of SEC commissioner Caroline Crenshaw’s renomination

On December 11, the US Senate Banking Committee will resolve whether or not to reappoint Democratic Securities and Trade Fee (SEC) Commissioner Caroline Crenshaw. Crenshaw has all the time been a staunch critic of cryptocurrencies and the crypto group isn’t pleased with the prospect of her re-election.

Crenshaw is ‘anti-crypto,’ says Coinbase COO

Crenshaw, who was sworn into her function in August 2020, was certainly one of two SEC commissioners who opposed the approval of Bitcoin exchange-traded funds (ETFs) in January. In her letter disagreeing with the SEC’s determination, which Crenshaw referred to as “flawed and ahistorical,” she wrote:

“I worry that we’re getting ready at the moment for tomorrow’s failure, and that it is going to be the traders we should shield who will finally pay the worth.”

SEC Commissioner Jaime Lizárraga, the one different SEC commissioner to vote in opposition to Bitcoin ETFs, didn’t add his title to her letter.

In line with James Seyffart, a Bloomberg ETF analyst, Crenshaw was even “extra fiercely anti-crypto” than SEC Chairman Gary Gensler, who himself was referred to as “evil.” In actual fact, she was greater than “simply an ally of Gensler,” Seyffart wrote in an X put up earlier this week.

In a December 7 put up, Coinbase President and COO Emilie Choi wrote:

“Caroline Crenshaw is anti-crypto. She was even embarrassingly in opposition to Bitcoin ETFs. The SEC wants to vary.”

Given Crenshaw’s extensively identified anti-crypto opinions, the group is annoyed concerning the upcoming vote on Wednesday. Alexander Grieve, vp of presidency affairs at crypto funding agency Paradigm, referred to as it “one final “present” for crypto” that Democratic Senate President Sherrod Brown is “making an attempt to ram via” earlier than giving up his seat.

If the Senate vote passes, Crenshaw will retain her place within the SEC till 2029. Nonetheless, if she isn’t confirmed by the Senate, President-elect Donald Trump might be free to appoint somebody as a alternative.

Austin Campbell, CEO of digital funds firm WSPN, wrote in an X-post:

“I’ll remind all Democrats that Caroline Crenshaw voted that the SEC ought to disobey a federal decide, break the legislation and as a substitute reject BTC ETFs after being ordered by a court docket to approve them.”

Trump’s selection for SEC chairman has obtained approval from the crypto group

Earlier this week, Trump named Paul Atkins, a former SEC commissioner with a fame for being pro-crypto, as the subsequent SEC chief. The crypto trade welcomed the information with open arms.

Atkins, who served as Republican SEC commissioner from 2002 to 2008, is predicted to take a a lot milder strategy to regulating crypto than Gensler. Atkins is thought for his advocacy of free market rules and investor safety and his concentrate on clarifying complicated monetary markets.

Atkins nomination. is “desperately wanted and can’t come a day too quickly,” Coinbase Chief Authorized Officer Paul Grewal mentioned in an X-post.

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