SEC Commissioner Caroline Crenshaw has been criticized by Coinbase CEO Brian Armstrong, who called her a “failure” and advocated for removal.
Coinbase CEO Brian Armstrong has expressed his strong stance as the Senate Banking Committee prepares to vote on the renomination of SEC Commissioner Caroline Crenshaw, who is anti-crypto. Armstrong declared that Crenshaw is significantly worse than SEC Chair Gary Gensler in certain respects in a forceful message posted on the X platform.
Caroline Crenshaw, the SEC Commissioner, is the subject of criticism by the CEO of Coinbase
Brian Armstrong, the CEO of Coinbase, has harshly criticized Caroline Crenshaw, the former SEC Commissioner, describing her tenure as a “failure.” He even encouraged the Senate Banking Committee to vote against her potential reappointment.
Armstrong observed that Crenshaw had previously opposed the approval of spot Bitcoin ETFs with an even greater degree of enthusiasm than Gary Gensler. Armstrong asserted, “She attempted to obstruct the Bitcoin ETFs and was more problematic than Gensler on certain matters (which I did not believe was feasible).”
Nevertheless, Bitcoin ETFs have proven to be one of the most successful ETF launches in 2024, currently over $34 billion in inflows. Additionally, BlackRock’s iShares Bitcoin Trust ETF (IBIT) achieved a significant milestone last week by surpassing $50 billion in AUM, as the BTC price surged to its all-time high of $104K.
The CEO of Coinbase also forewarned that the crypto community is closely monitoring the Senate Banking Committee’s decisions, noting that the vote on Crenshaw’s future role will impact the “Stand with Crypto” scorecards, which are used to assess political support for the industry.
The Senate Banking Committee will vote on the renomination of Democrat Caroline Crenshaw as an SEC Commissioner on Wednesday, December 11. If confirmed, Crenshaw will continue to serve on the commission until 2029. Nevertheless, former President Trump may have the opportunity to nominate a replacement if the Senate rejects her nomination.
Regarding Crypto Policies, Brian Armstrong
Since Donald Trump’s election, Brian Armstrong has been vocal about the need to establish crypto policies that are conducive to developing innovative spirits in the industry. In addition to appointing numerous pro-crypto candidates for the forthcoming term, the Trump administration has adopted a comparable approach.
Brian Armstrong, the CEO of Coinbase, delivered a forceful statement to crypto firms that have employed individuals with anti-crypto backgrounds last week. He declared that Coinbase would discontinue its collaboration with law firms that employ personnel from the previous administration of the US Securities and Exchange Commission.
Additionally, the exchange was instrumental in the anti-crypto Operation Choke Point 2.0 by releasing the letters of the FDI. The letters obtained through a Freedom of Information Act (FOIA) request suggest that the FDIC instructed banks to suspend or restrict services to cryptocurrency businesses in 2022.
