Why Coinbase CEO Wants Caroline Crenshaw Out Of Senate Banking Committee?

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As a seasoned crypto investor with a decade of experience under my belt, I find myself deeply concerned about the potential reappointment of SEC Commissioner Caroline Crenshaw. Having witnessed the phenomenal success of Bitcoin ETFs and their contribution to the growth of the crypto market, it’s disheartening to see someone like Crenshaw who has been a staunch opponent of such innovative financial instruments.

In preparation for the Senate Banking Committee’s vote on reappointing SEC Commissioner Caroline Crenshaw, who is known for her anti-crypto stance, Coinbase CEO Brian Armstrong has expressed a firm viewpoint. In a bold statement via the X platform, Armstrong claimed that in certain aspects, Crenshaw is even more challenging than SEC Chair Gary Gensler.

Coinbase CEO Criticizes SEC Commissioner Caroline Crenshaw

Brian Armstrong, CEO of Coinbase, has strongly criticized Caroline Crenshaw’s term as SEC Commissioner, labeling it as an “unsuccessful” period. He further recommended that the Senate Banking Committee should reject her possible reappointment.

As an analyst, I observed that Crenshaw has been a strong opponent of approving spot Bitcoin Exchange-Traded Funds (ETFs) in the past, even more vigorously than Gary Gensler. In Armstrong’s words, “She went to great lengths to prevent the approval of Bitcoin ETFs and managed to outdo Gensler on certain issues, something I found remarkable.

In 2024, Bitcoin ETFs have proven to be highly successful, attracting over $34 billion in investments thus far. Moreover, BlackRock’s iShares Bitcoin Trust ETF (IBIT) surpassed the $50 billion mark in assets under management last week, reaching a significant milestone as Bitcoin’s price climbed to an all-time high of $104K.

The head of Coinbase has alerted the cryptocurrency community to keep a watchful eye on the Senate Banking Committee’s decisions, pointing out that the outcome of the vote regarding Crenshaw’s position will significantly impact the “Stand with Crypto” rankings used to assess political backing for the sector.

On Wednesday, December 11th, the U.S. Senate Banking Committee is set to decide on the renewed appointment of Democrat Caroline Crenshaw as a Securities and Exchange Commission (SEC) Commissioner. If endorsed, Crenshaw would serve on the commission until 2029. In case her nomination is declined by the Senate, former President Trump might have the chance to put forward another candidate.

Brian Armstrong on Crypto Policies

After Donald Trump’s election win, Brian Armstrong has been outspoken about creating favorable cryptocurrency policies to nurture creativity within the sector. The Trump administration has similarly been focusing on this area by appointing numerous pro-cryptocurrency individuals for their upcoming term.

In the realm of my recent research, I’ve come across an interesting development: Last week, as a researcher in this field, I noted Brian Armstrong, CEO of Coinbase, making a firm declaration to crypto-related entities that have onboarded personnel with anti-crypto backgrounds. He clarified that Coinbase would discontinue collaborations with law firms who currently employ individuals from the departing administration of the United States Securities and Exchange Commission (SEC).

In addition, this exchange was pivotal as it disclosed documents related to Foreign Direct Investment (FDI), which significantly impacted anti-cryptocurrency Operation Choke Point 2.0. These documents, obtained via a Freedom of Information Act request, show that in the year 2022, the Federal Deposit Insurance Corporation (FDIC) instructed banks to limit or halt services provided to cryptocurrency companies.

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2024-12-09 14:00