The Telegraph
Members of the blockchain community have expressed significant dissent regarding the re-confirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw amid the agency’s leadership transition.
The Blockchain Association, in conjunction with the DeFi Education Fund, filed a joint letter opposing Crenshaw’s possible extension as a leader at the Securities and Exchange Commission. On December 9, the Blockchain Association tweeted, “Her actions have undermined Congress’s clear mandate to establish sound regulatory policies for crypto,” prior to a Senate vote on the SEC commissioner.
Crenshaw was unanimously confirmed as an SEC commissioner in 2020, contributing to the Democratic SEC leadership alongside Chair Gary Gensler and fellow commissioner Jaime Lizárraga.
Under Gensler’s leadership, Crenshaw frequently supported anti-crypto policies and dissented against pro-blockchain initiatives. Crenshaw is notably recognized for voting against the approval of spot Bitcoin (BTC) exchange-traded funds, which represent the fastest-growing asset class on Wall Street, amassing over $109 billion in assets within just one year.
The differing viewpoints on regulatory issues crucial to the crypto sector in the U.S. are particularly concerning, given the emerging consensus among the incoming Congress and administration. She was not aligned with the previous Congress and will be even more out of sync with the 119th. Unlike many policymakers who’ve come to appreciate crypto’s potential through education and engagement, Commissioner Crenshaw has demonstrated little to no willingness to adapt her views or promote constructive dialogue with our expanding industry.
Blockchain Association
Her tenure at the SEC puts her at odds with potential incoming chair Paul Atkins, who is Trump’s preferred choice. Atkins has long been a supporter of crypto and advocates for practical regulations of digital assets. While the Senate must still confirm Trump’s nomination of Atkins, many insiders in the industry view him as the likely next SEC chair.
Coinbase CEO Brian Armstrong remarked that the crypto community is closely monitoring the Senate Banking Committee’s vote regarding Crenshaw’s continuation at the SEC. He noted that the decision could influence future support for politicians from the industry.
The Senate vote on Crenshaw’s re-confirmation is slated for December 18. If she is re-confirmed, she could remain in her position until 2029, serving throughout Donald Trump’s administration.
