As a researcher with extensive experience in the crypto and financial markets, I find myself deeply concerned about the potential re-election of SEC commissioner Caroline Crenshaw. My journey in this field has taught me that regulatory certainty and forward-thinking are crucial for the growth and development of innovative sectors like cryptocurrency.
On December 11th, it will be decided by the United States Senate Banking Committee if they should reappoint SEC commissioner Caroline Crenshaw, who is known for being critical towards cryptocurrency. Some leaders in the industry have expressed disappointment at the prospect of her reinstatement.
In January, Crenshaw was among only two Securities and Exchange Commission (SEC) commissioners who chose not to endorse the proposal for trading Bitcoin (BTC) exchange-traded funds (ETFs).
The SEC ‘has to change,’ says Coinbase president
Caroline Crenshaw expresses strong skepticism towards cryptocurrencies, as evident in her public opposition to Bitcoin Exchange Traded Funds (ETFs). In a December 7 blog post, Coinbase’s president and COO Emilie Choi emphasized that the Securities and Exchange Commission (SEC) should reconsider its stance on cryptocurrencies.
According to Paradigm’s Vice President for Government Affairs, Alexander Grieve, as the door closes, Senator Banking Chair Sherrod Brown is attempting a swift confirmation of SEC Commissioner Caroline Crenshaw, who has been critical towards cryptocurrency. In simpler terms, Brown is trying to push through the reappointment of an SEC commissioner who is not favorable towards crypto before he leaves office.
In a December 7 blog post on X, Bloomberg ETF analyst James Seyffart stated that Crenshaw wasn’t merely an ally to SEC chair and crypto skeptic Gary Gensler, but was, in fact, significantly more critical of cryptocurrency than Gensler himself.
Seyffart advised to go over the counterargument letter she wrote concerning the Bitcoin ETF decisions made in January. Notably, he mentioned that while Hester Peirce (Seyffart) was the author of this letter, Commissioner Jaime Lizárraga did not sign or support it.
After the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in the U.S. on January 10th, Crenshaw, who joined the SEC as commissioner in August 2020, expressed his disagreement with the decision, stating that he believed the agency’s action to approve the ETFs was “ill-advised” and “not grounded in history.
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Digital payments CEO Austin Campbell expressed his concern, stating that Democrat Caroline Crenshaw had previously advocated for the Securities and Exchange Commission (SEC) to defy a federal judge’s order, violate the law, and deny Bitcoin ETF proposals despite being instructed to approve them by the court.
After a generally optimistic response towards President-elect Donald Trump’s nomination of Paul Atkins to replace Gary Gensler as the head of the SEC, there has been a shift in the crypto industry’s tone when it comes to announcements from the SEC.
This announcement arrives roughly a month before Gary Gensler’s planned departure from the regulatory body, which is set for January 20, 2025.
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2024-12-08 09:05