Former Senator Fights Anti-Crypto SEC Crenshaw’s Reappointment

Former Senator Pat Toomey has called on Republicans to block the renomination of SEC Commissioner Caroline Crenshaw, a prominent critic of crypto-friendly policies.

It sounds like good news, but will the plan work?

Toomey’s Call for Action

In a recent post on X, Toomey expressed his strong opposition to the Senate Banking Committee and GOP endorsing Crenshaw’s reappointment.

“Looks like the Senate Banking Committee will be considering the nominations of Christy Goldsmith Romero to the FDIC and Caroline Crenshaw to the SEC. Committee Republicans should pull out all the stops to block them. More to come.”

Toomey’s remarks suggest that both Crenshaw’s and Romero’s nominations could potentially harm the crypto sector, echoing concerns similar to those raised during Gary Gensler’s tenure as SEC Chair.

Caroline Crenshaw: A Roadblock for Crypto?

Caroline Crenshaw, who is up for a second term, is known for her strong opposition to cryptocurrencies. She notably opposed the approval of spot Bitcoin ETFs earlier this year, gaining a reputation as a significant obstacle for the crypto industry. Critics argue that Crenshaw’s stance is even more rigid than that of SEC Chair Gary Gensler, who has also faced criticism for his regulatory approach to digital assets.

In response to the rising influence of anti-crypto voices, the advocacy group Stand With Crypto has been vigorously promoting pro-crypto policies. On July 10, the group hosted a series of meetings on Capitol Hill, where crypto founders engaged with lawmakers to advocate for supportive legislation.

Stand With Crypto highlighted the importance of these initiatives, especially in an election year when policy decisions are critical.

Looking Back: Market Reactions Under Review

Following the SEC’s decision on May 23 to approve Form 19b-4 for eight Ethereum ETF issuers, Ethereum’s price briefly dropped from $3,686 to $3,806, before recovering by approximately 5%. Meanwhile, Bitcoin’s price fell from $67,362 to $67,706 after the announcement. Historically, Bitcoin’s price dropped by 15% after the January 2024 spot Bitcoin ETF approval but eventually surged by 30% over the subsequent month.

Toomey’s opposition to Crenshaw is part of a broader debate over crypto regulation. While recent ETF approvals have generated market excitement, past trends suggest that initial reactions may not always predict long-term outcomes.

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The crypto conversation continues. Will lawmakers listen to the industry’s voice?