Catenaa, Monday, December 09, 2024-The US Senate Banking Committee is scheduled to vote on December 11 regarding the renomination of Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw, known for her strong opposition to cryptocurrency developments.
Crenshaw, who joined the SEC in 2020, has been vocal in her criticism of crypto-related initiatives. Earlier this year, she opposed the approval of spot Bitcoin exchange-traded funds (ETFs), calling the decision “unsound and ahistorical.”
Her renomination has sparked backlash from crypto advocates. Emilie Choi, President of Coinbase, labeled Crenshaw as “anti-crypto,” while Alexander Grieve of Paradigm’s Government Affairs criticized the move as a “last gift” from outgoing Senate Banking Chair Sherrod Brown.
Bloomberg noted Crenshaw’s dissenting stance on Bitcoin ETFs, contrasting it with other commissioners.
This vote coincides with major leadership changes at the SEC. Chair Gary Gensler is set to step down in January 2025, and President-elect Donald Trump is reportedly considering crypto advocate Paul Atkins as his replacement.
Atkins, a former SEC commissioner, is known for his pro-crypto views and promises of a favorable regulatory framework for digital assets.
Meanwhile, the SEC faces growing criticism for its “regulation-by-enforcement” approach. A coalition of seven states has filed a legal brief challenging the agency’s authority over cryptocurrencies, arguing that its actions stifle innovation.
As debates over crypto regulation intensify, the upcoming vote on Crenshaw’s renomination is expected to signal the Biden administration’s stance on digital asset oversight amid calls for clearer policies.
