DailySun
Members of the blockchain community expressed significant dissent against the re-confirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw as the agency navigates a leadership transition.
The Blockchain Association, in coordination with the DeFi Education Fund, submitted a joint letter opposing Crenshaw’s potential continuation in her role at the Securities and Exchange Commission. “Her actions have undermined Congress’s clear mandate to establish sound regulatory policies for crypto,” the Blockchain Association tweeted on December 9, ahead of the Senate’s vote regarding the SEC commissioner.
Crenshaw was unanimously appointed as an SEC commissioner in 2020, joining chair Gary Gensler and fellow commissioner Jaime Lizárraga in leading the Democratic SEC.
During her tenure under Gensler, Crenshaw frequently aligned with anti-crypto policies and voted against pro-blockchain decisions. Notably, she voted against the approval of spot Bitcoin (BTC) exchange-traded funds, which have rapidly grown to become the fastest-growing asset class on Wall Street, accumulating over $109 billion in assets in just one year.
This divergence in views on regulatory issues crucial to crypto in the U.S. is particularly concerning in light of the emerging consensus from the incoming Congress and administration. She was misaligned with the previous Congress and will likely be even more so with the 119th. Unlike numerous policymakers who have come to appreciate crypto’s potential through education and engagement, Commissioner Crenshaw has displayed little interest in adapting her views or fostering productive dialogue with our expanding industry.
Blockchain Association
Crenshaw’s background at the SEC also puts her at odds with the prospective incoming chair, Paul Atkins, who is Trump’s recommended choice. Atkins has long supported crypto and has promoted rational regulation of digital assets. While the Senate still needs to confirm Trump’s nomination of Atkins, many industry insiders 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 on Crenshaw’s continued service at the SEC. The result may affect the industry’s future support for political figures, Armstrong pointed out.
The Senate vote on Crenshaw’s re-confirmation is set for December 18. If she is re-confirmed, she could remain in office until 2029 and serve at the SEC throughout Donald Trump’s presidency.
