Crypto-skeptic and SEC boss Crenshaw axed from Senate renomination

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As a seasoned crypto investor who has seen the ebb and flow of market trends for over a decade now, I find this news about Caroline Crenshaw’s non-renomination to be nothing short of a breath of fresh air. For far too long, her anti-crypto bias and hostility towards blockchain businesses have been a thorn in the side of our industry.

It appears that the U.S. Senate has decided not to hold a reconfirmation hearing for Democratic SEC Commissioner Caroline Crenshaw, who is known for her stance against cryptocurrency.

Caroline Crenshaw, the current Securities and Exchange Commissioner, will not be reappointed to her position after a decision made by the Senate Banking Committee. The hearing that was set to nominate both Crenshaw and Gordon Ito to the Financial Stability Oversight Council, originally planned for December 17, has been called off, according to various sources.

The Financial Stability Oversight Council (FSOC) was created as a regulatory body for the financial system in 2010, following the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Breaking News: šŸ‡ŗšŸ‡ø Commissioner Caroline Crenshaw of the Securities and Exchange Commission (SEC) will not be reappointed to her position, as the Senate Banking Committee has postponed a vote on her nomination ā€“ according to Fox Business’ Eleanor Terrett.

Crenshaw had consistently voted against the approval of spot Bitcoin Exchange Traded Funds (ETFs).

ā€” Bitcoin Magazine (@BitcoinMagazine) December 17, 2024

No room for Crenshaw

The announcement that Crenshaw’s vote had been called off was made following increasing resistance to her nomination as a member of the U.S. SEC. Leaders in the crypto industry and policymakers have voiced their disapproval towards Democratic senators, accusing them of trying to rush through Crenshaw’s hearing without adequate scrutiny.

According to Coinbase CEO Brian Armstrong, blockchain supporters will be attentively observing the final vote’s result. The decision’s implications are expected to significantly influence the direction of future political donations under the StandWithCrypto initiative.

The Digital Chamber advises the Senate Banking Committee to vote against the reappointment of Caroline Crenshaw as SEC Commissioner. Her strong opposition towards cryptocurrency has led to inconsistent rulings, hindered technological advancements, and eroded trust among investors in the digital asset sector. In simpler terms, they want the committee to reject her reappointment because she’s not a fan of crypto, which has resulted in unpredictable choices, slowed progress, and affected investor confidence in the digital currency market.

ā€” The Digital Chamber (@DigitalChamber) December 10, 2024

During her time at the SEC, Crenshaw is widely recognized as a critic of Bitcoin and cryptocurrency, often expressing skepticism towards them. Notably, she voted against the approval of spot Bitcoin ETFs, and frequently supported Gary Gensler’s strong stance against blockchain-related businesses.

With Crenshaw out of contention, President-elect Donald Trump now has the opportunity to select a fresh SEC commissioner who could endorse his pro-cryptocurrency stance, thereby influencing the direction of the agency’s management.

Trump has proposed Paul Atkins, a previous Securities and Exchange Commission (SEC) regulator, for the position of SEC chair, subject to Senate approval. Atkins, a businessman supportive of Bitcoin and cryptocurrencies, would succeed Gensler who plans to step down effective on Inauguration Day.

Last month, fellow Dem SEC Commissioner Jaime LizƔrraga also announced plans exit the federal watchdog, citing a need for more family time. The Dem-SEC exodus could hand over agency reins solely to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain, with Atkins likely to join soon.

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2024-12-17 21:13