Caroline Crenshaw’s SEC reappointment faces strong crypto industry opposition, with the Digital Chamber urging rejection over her anti-crypto stance.
Caroline Crenshaw’s reappointment as SEC commissioner is scheduled to be decided by the Senate Banking, Housing, and Urban Affairs Committee tomorrow. However, the crypto industry is vehemently opposed to Crenshaw’s renomination as a result of her perceived anti-crypto stance.
The Senate Banking Committee has been publicly urged by the Digital Chamber, an American advocacy organization that is dedicated to the promotion of blockchain technology and the digital asset industry, to reject the nomination of SEC Commissioner Caroline Crenshaw for a second term.
The organization contends in a letter dated December 12 that Crenshaw’s tenure has been marked by a negative and antiquated perspective on the digital asset market. This is evidenced by her opposition to Grayscale’s Bitcoin ETF conversion and her dissent on spot Bitcoin ETF approvals.
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The Digital Chamber is advocating for the appointment of a new commissioner to succeed Commissioner Crenshaw, as they are of the opinion that a more progressive and equitable regulatory framework for the digital asset sector is required.
In 2020, former President Trump appointed Crenshaw to the SEC. President Biden has renominated him for a second term. If she is confirmed by the Senate, her term would exceed the standard five-year period, potentially extending until June 2029.
According to certain Republicans, Democrats are hurriedly expediting Crenshaw’s confirmation in anticipation of the possibility of losing their Senate majority in January. Congress is set to adjourn for the year just days before the vote is scheduled to take place at 9:45am EDT.
The timing, according to critics, is indicative of a strategic effort by Democrats to maintain a regulatory framework that they believe is essential for supervising the crypto sector and secure Crenshaw’s position at the SEC.
The crypto industry unites to challenge Crenshaw’s renomination as the critical vote approaches. The letter from the Digital Chamber is a component of a coordinated lobbying campaign that is intended to explicitly oppose Crenshaw’s reappointment.
Prominent industry figures, including Brian Armstrong, the CEO of Coinbase, have publicly condemned Crenshaw’s record. She has been considered a failure as an SEC commissioner by Armstrong, who has encouraged legislators to vote against her nomination.
A number of digital asset organizations, such as the Blockchain Association and the DeFi Education Fund, have mobilized efforts to obstruct her confirmation. They contend that her actions have undermined Congress’ mandate for sound crypto regulations.
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Crenshaw’s nomination could be advanced to the full Senate if all Democratic members of the Senate Banking Committee vote in her favor.
The challenging confirmation environment is exacerbated by the intensive lobbying against Crenshaw and the changing political landscape, which has seen several Senate seats flip to Republicans, despite her support from Democratic senators.
In January, Caroline Crenshaw and Jaime Lizárraga, two SEC commissioners, voted against the approval of spot Bitcoin ETFs. In contrast, Gary Gensler, the current SEC Chairman, and commissioners Hester Peirce and Mark Uyeda, who are frequently perceived as critical of the crypto industry, endorsed the approval of these products.
On January 17, 2025, Lizárraga will resign from the SEC, three days prior to Gensler’s departure. This will leave Caroline Crenshaw as the sole Democrat on the commission.