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U.S. SEC Commissioner Caroline Crenshaw Faces Opposition from Blockchain Community
The blockchain community has expressed strong opposition to the potential re-confirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw. The Blockchain Association, along with the DeFi Education Fund, filed a joint letter voicing their disapproval of Crenshaw’s possible extension as a Securities and Exchange Commission leader.
Concerns Over Crenshaw’s Stance on Crypto Regulation
Crenshaw has been criticized for her stance on cryptocurrency regulation, which many believe undermines Congress’s clear mandate to establish sound regulatory policies for crypto. The Blockchain Association tweeted, “Her actions have undermined Congress’s clear mandate to establish sound regulatory policies for crypto.” This opposition comes ahead of a Senate vote on the SEC commissioner, scheduled for December 18.
Under the leadership of Chair Gary Gensler, Crenshaw has consistently sided with anti-crypto policies and dissented against pro-blockchain decisions. One notable example is her vote against approving spot Bitcoin exchange-traded funds, which have become the fastest-growing asset class on Wall Street, with over $109 billion in assets within a year.
Industry Insiders Weigh In
Coinbase CEO Brian Armstrong has expressed his concerns about Crenshaw’s potential re-confirmation, stating that the crypto community is watching the Senate Banking Committee’s vote closely. Armstrong noted that the outcome could affect future industry support for politicians.
Caroline Crenshaw was a failure as an SEC Commissioner and should be voted out. She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible). The Senate Banking Committee should take note – the crypto community is watching…
Armstrong’s sentiments are echoed by many in the blockchain community, who believe that Crenshaw’s re-confirmation would be detrimental to the growth of the crypto industry.
Potential Impact on the Crypto Industry
If re-confirmed, Crenshaw could serve until 2029, potentially working at the SEC throughout Donald Trump’s administration. This has raised concerns among industry insiders, who believe that her stance on crypto regulation could hinder the growth of the industry.
On the other hand, Trump’s preferred pick for SEC chair, Paul Atkins, has been a long-time crypto supporter and has called for common sense regulation of digital assets. The Senate still needs to confirm Atkins’ nomination, but many industry insiders consider him a strong contender for the role.
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