Members of the blockchain community have expressed strong discontent regarding the re-confirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw amid a leadership transition within the agency.
The Blockchain Association, in collaboration with the DeFi Education Fund, submitted a joint letter opposing Crenshaw’s potential re-appointment as a leader of the Securities and Exchange Commission. “Her actions have compromised Congress’s explicit directive to develop effective regulatory frameworks for crypto,” the Blockchain Association tweeted on December 9, prior to the Senate’s vote concerning the SEC commissioner.
Crenshaw was unanimously appointed as an SEC commissioner in 2020, joining chair Gary Gensler and fellow commissioner Jaime Lizárraga in leading the Democratic SEC.
Throughout Gensler’s tenure, Crenshaw consistently supported anti-crypto measures and voted against pro-blockchain initiatives. Notably, she opposed the approval of spot Bitcoin (BTC) exchange-traded funds, which have become the fastest-growing asset class on Wall Street, amassing over $109 billion in assets within just a year.
The disagreement over regulatory issues critical to crypto in the U.S. is particularly concerning, especially in light of the emerging consensus from the incoming Congress and administration. Commissioner Crenshaw was misaligned with the previous Congress and is likely to be even more so with the 119th. Additionally, unlike many policymakers who have recognized crypto’s potential through education and engagement, Commissioner Crenshaw has shown minimal interest in adapting her views or facilitating constructive discussions with our expanding industry.
Blockchain Association
Her track record at the SEC would put her at odds with potential incoming chair Paul Atkins, who is Trump’s preferred candidate. Atkins has a long-standing history of supporting crypto and advocates for sensible regulation of digital assets. The Senate still needs to confirm Trump’s nomination of Atkins, but many within the industry regard him as the likely next SEC chair.
Coinbase CEO Brian Armstrong stated that the crypto community is closely monitoring the Senate Banking Committee’s vote regarding Crenshaw’s position at the SEC. The outcome may influence future support for politicians from the industry, he observed.
The Senate vote on Crenshaw’s re-confirmation is set for December 18. If she is re-confirmed, she could serve until 2029 and remain at the SEC throughout Donald Trump’s administration.
