President Joe Biden Renominates Anti-Crypto SEC Commissioner Caroline Crenshaw

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As a long-term crypto investor with a deep understanding of the industry, I find the recent actions of the Biden administration towards crypto to be confusing and concerning. On one hand, the administration is reaching out for donations from the crypto community, while on the other hand, they continue to appoint individuals who have been openly hostile towards crypto, such as Commissioner Caroline Crenshaw’s renomination.

As a researcher studying the intersection of politics and cryptocurrency, I’ve noticed an intriguing dynamic: The Biden administration has been actively engaging with crypto communities for fundraising purposes, while simultaneously maintaining appointments of individuals known for their opposition to digital currencies. Recently, this trend has continued with President Joe Biden’s decision to renominate SEC Commissioner Caroline Crenshaw, who has been vocal in her criticism of cryptocurrency.

Joe Biden Appoints Anti-Crypto SEC Commissioner

Recently, Fox Business reporter Eleanor Terret shared that President Joe Biden has expressed his plan to re-nominate Democratic nominee Caroline Crenshaw for a second term as the Commissioner of the United States Securities and Exchange Commission (SEC).

In her tenure at the office, Crenshaw has been vocal and unwavering in her opposition to cryptocurrencies. She strongly objected to the approval of Bitcoin ETFs earlier this year in January, a stance that some believe makes her an even more ardent supporter of stringent crypto regulations than SEC Chair Gary Gensler. Notably, Mark Cuban, a billionaire entrepreneur, has cautioned that Gensler and his anti-crypto faction could potentially cost President Biden the upcoming election.

As a crypto investor, I’ve noticed that Crenshaw has consistently taken a stance against cryptocurrency, particularly in relation to the approval of Bitcoin ($BTC) spot Exchange-Traded Funds (ETFs). Some critics argue that her position is even more progressive than Gary Gensler’s when it comes to climate policies.
— Eleanor Terrett (@EleanorTerrett) June 13, 2024

Following Donald Trump’s vocal advocacy for cryptocurrencies during his previous political campaigns, the current Biden administration has taken steps to engage with the crypto industry in the past few weeks. Previously taking a firm stance against certain crypto companies, the administration is now extending an olive branch by soliciting donations from this community.

Community Backlash Unleashes

The crypto community has responded critically to President Joe Biden’s recent overtures. Furthermore, the conflicting stances taken by the Biden administration on cryptocurrencies have left some members of the community doubting the president’s genuine support for digital assets.

Anthony Sassal, a contributor to Ethereum, expressed that President Biden is open to receiving cryptocurrency donations, but the Securities and Exchange Commission (SEC), with whom he has a close relationship, is currently filing lawsuits against some of the largest US-based crypto companies such as Coinbase, Kraken, and Uniswap Labs.

Ryan Selkis, the founder of Messari Crypto, has made it clear that he disapproves of making cryptocurrency donations to political campaigns prior to any policy concessions or reversals. In his own words: “I would never be able to look at anyone who donates to this campaign using crypto before any concessions or policy reversals without expressing my disgust. Such an act would demonstrate a lack of courage, betrayal, and a low self-worth.”

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2024-06-14 14:08