Originally published on: December 08, 2024
As the United States Senate Banking Committee gears up for a crucial vote on December 11 regarding the renomination of Securities and Exchange Commission (SEC) commissioner Caroline Crenshaw, the crypto industry is on edge. Crenshaw, known for her firm stance against cryptocurrencies, has drawn criticism from industry leaders for her anti-crypto views.
In a surprising move, Crenshaw was one of two SEC commissioners to vote against the approval of spot Bitcoin exchange-traded funds (ETF) earlier this year. Her dissent has raised concerns among crypto executives, with many calling for a change within the SEC.
According to Emilie Choi, president and COO of crypto exchange Coinbase, “Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Alexander Grieve, VP of government affairs at crypto investment firm Paradigm, labeled Crenshaw as an “anti-crypto” commissioner and criticized the push for her renomination by Senate Banking Chair Sherrod Brown.
Bloomberg ETF analyst James Seyffart echoed these sentiments, describing Crenshaw as “vehemently anti-crypto” and suggesting that her views are even stricter than SEC chair Gary Gensler’s. Seyffart pointed to Crenshaw’s dissent letter on the Bitcoin ETF approvals as evidence of her stance against crypto.
Despite the SEC’s approval of spot Bitcoin ETFs earlier this year, Crenshaw remains vocal in her opposition. Austin Campbell, CEO of digital payments company WSPN, highlighted Crenshaw’s controversial decision to defy a Federal judge’s order to approve BTC ETFs.
This shift in the SEC’s approach to crypto comes at a time of transition, with Gary Gensler set to depart from his role as SEC chair in 2025. The industry is closely monitoring the upcoming vote on Caroline Crenshaw’s renomination and its potential impact on the regulatory landscape.
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