Members of the Blockchain community have expressed strong opposition to the reconfirmation of Democratic US SEC Commissioner Caroline Crenshaw as the agency undergoes a leadership transition.
The Blockchain Association filed a joint letter with the DeFi Education Fund opposing Crenshaw’s potential extension as leader of the Securities and Exchange Commission. “His actions undermined Congress’s clear mandate to establish strong regulatory policies for crypto,” the Blockchain Association tweeted on December 9 ahead of a Senate vote on the SEC commissioner.
Crenshaw was unanimously elected SEC Commissioner in 2020, completing the Democratic leadership of the SEC alongside Chairman Gary Gensler and fellow Commissioner Jaime Lizárraga.
Under Gensler, Crenshaw regularly sided with anti-crypto policies and disagreed with pro-blockchain decisions. Crenshaw voted against approving Bitcoin (BTC) spot exchange-traded funds, the fastest-growing asset class on Wall Street, with more than $109 billion in assets in a year.
This divergence of perspective on regulatory issues related to crypto in the United States is even more troubling, given the emerging consensus within the new Congress and administration. It was out of step with the previous Congress and will be even more so with the 119th. And unlike many policymakers who have come to understand crypto’s potential through education and engagement, Commissioner Crenshaw has shown little to no interest in evolving her position or fostering a constructive dialogue with our growing industry.
Blockchain Association
His history at the SEC would also pit him against potential new chairman Paul Atkins, Trump’s preferred choice. Akins is a long-time supporter of crypto and has called for sensible regulation of digital assets. The Senate has yet to confirm Trump’s nomination of Atkins, but many industry insiders view him as the next SEC chairman.
Coinbase CEO Brian Armstrong said the crypto community was paying attention to the Senate Banking Committee’s vote on Crenshaw’s tenure at the SEC. The outcome could affect future industry support for politicians, Armstrong noted.
Crenshaw’s Senate reconfirmation vote is scheduled for Dec. 18. If reconfirmed, she could serve until 2029 and work at the SEC throughout Donald Trump’s administration.
