Crypto Industry’s Nemesis Might Be Confirmed for Another Term

As a seasoned crypto investor with years of navigating the digital asset landscape under my belt, I can’t help but feel a mix of emotions about the potential renomination of SEC Commissioner Caroline Crenshaw. Her anti-crypto stance has been a thorn in our side for far too long, and it seems like we’ve been stuck in this regulatory quagmire since the early days of Bitcoin.

On December 18th, it’s expected that the U.S. Senate committee responsible for banking, housing, and urban affairs will cast their votes regarding the reappointment of Caroline Crenshaw, who is known for her opposition to cryptocurrency, as a commissioner in the Securities and Exchange Commission (SEC).

Originally, the vote was scheduled for earlier this week, but it got delayed, potentially affecting Crenshaw’s ability to serve another term at the agency.

If the committee approves her reappointment this coming week, she’ll carry on serving as a commissioner up until 2029.

Crenshaw has a reputation for being more critical towards cryptocurrency than SEC Chairman Gary Gensler. This year, she voiced her opposition to the approval of Bitcoin ETFs, which contrasted with the stance of the agency’s leader.

Unsurprisingly, her renomination has been widely opposed within the cryptocurrency industry.

In a recent social media message, Kristin Smith, who leads technology at the Blockchain Association, expressed the need to communicate to the Senate that her actions have contradicted Congress’s firm instruction to create robust regulatory guidelines for cryptocurrencies. Smith also urged Senators to cast a ‘no’ vote on the Crenshaw proposal.

In the previous year, Crenshaw characterized cryptocurrency as “speculative,” pointing out that there is a significant lack of investor protection because many industry participants opted not to fall under the jurisdiction of the Securities and Exchange Commission (SEC). She additionally asserted that the sector has been tainted by numerous fraudulent activities.

As a researcher, should Crenshaw not secure re-nomination, it implies that only Republican representatives would populate the agency during the initial period of 2025. Nevertheless, this agency has a regulation limiting the number of members from a single party to no more than three.

Gensler and anti-crypto SEC Commissioner Jaime Lizarraga will both resign in January.

Read More

2024-12-15 16:41