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Vijay Gir
Vijay Gir
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- Dec 11, 2024 03:45 UTC
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Why Crypto Giants Oppose Crenshaw’s SEC Renomination?
The crypto industry strongly opposes the renomination of SEC Commissioner Caroline Crenshaw.
The crypto industry is actively lobbying against Crenshaw's renomination through social media campaigns, funding ad campaigns, and sending letters to lawmakers.
The "Stand with Crypto" ratings and the influence of crypto PACs create significant political pressure on senators.
The U.S. Securities and Exchange Commission (SEC) could soon face a major shake-up. Caroline Crenshaw, a commissioner since 2020, is up for renomination. While President Biden backs her, not everyone is on board—especially the crypto industry. Known for her tough stance on crypto regulation, Crenshaw has become a controversial figure in the digital asset space.
Why is the crypto world so determined to block her renomination?
Crenshaw’s Crypto Policies: Why the Industry Opposes Her
If confirmed, Crenshaw would serve another term through June 2029. Originally appointed by President Trump, she has become known for her tough stance on crypto regulation. Crenshaw has called the crypto market a “petri dish of fraudulent conduct” and strongly supports SEC Chairman Gary Gensler’s push for stricter oversight.
Her resistance to approving Bitcoin spot ETFs—a key priority for the crypto sector—has made her a target of criticism. Many in the industry see her as a roadblock to innovation and growth, fueling a campaign to block her renomination.
Crypto Industry Hits Back Hard
The crypto industry hasn’t held back its criticism. Coinbase CEO Brian Armstrong publicly called Crenshaw a “failure,” reflecting the intensity of the opposition. Beyond social media, organizations like the Cedar Innovation Foundation and major crypto trade groups have launched ad campaigns and written to lawmakers, urging them to reject her renomination.
Crenshaw’s renomination also creates political challenges for senators. The Stand with Crypto initiative tracks lawmakers’ support for pro-crypto legislation, putting pressure on them to side with the industry. A vote against crypto-friendly policies could hurt senators in future elections.
Meanwhile, crypto PACs like Fairshake have spent millions backing candidates aligned with their goals.
Will Crenshaw Be Confirmed?
Crenshaw’s fate depends largely on Senate Democrats. If all members of the Senate Banking Committee stick together, her renomination will likely move forward. However, Senate Majority Leader Chuck Schumer must juggle competing priorities, including government funding, defense bills, and judicial nominations, leaving uncertainty over when—or if—her vote will take place.
One thing is clear: the crypto industry is making its voice heard like never before.
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