Crypto groups oppose re-nomination of SEC’s Caroline Crenshaw
- Blockchain Association, DeFi Education Fund and CEDAR Innovation Foundation have all opposed the re-nomination of Caroline Crenshaw as a SEC Commissioner.
- Crenshaw is a Joe Biden appointee and is criticised for her negative stance on crypto.
Crypto and blockchain advocacy groups Blockchain Association and DeFi Education Fund have written to the U.S. Senate Committee on Banking, Housing, and Urban Affairs voicing their opposition to the re-confirmation of SEC Commissioner Caroline Crenshaw.
The Blockchain Association and the DeFi Education Fund sent the letter to Senate Banking committee chair Sen. Sherrod Brown and Ranking member Sen. Tim Scott.
According to the letter, Crenshaw’s actions over the past four years have largely undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.
“Congress has a clear mandate from the American people to establish sound and reasonable cryptocurrency-related policies. Unfortunately, Commissioner Crenshaw’s tenure at the SEC has been marked by actions that seem to be at odds with this charge,” the two groups said in a joint letter.
In the past month, SEC chair Gary Gensler and Commissioner Jaime Lizárraga both announced their departures from the agency in January. This leaves Hester Peirce, Caroline Crenshaw, and Mark Uyeda, with Crenshaw having joined in 2020 and seeing her term expire in 2024.
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CEDAR Innovation Foundation also opposes the re-nomination
Opposition to Crenshaw’s re-confirmation arises from the fact that she largely aligned with the SEC’s negative approach to crypto. In one significant instance, she dissented on the approval of spot Bitcoin exchange-traded funds in the US, even after the DC Circuit Court had slammed the SEC for its “arbitrary and capricious” actions in denying Grayscale’s proposal to list a spot BTC ETF.
Apart from BA and DEF, the other opposition to Crenshaw’s renomination has come from the crypto advocacy group CEDAR Innovation Foundation. The industry-backed group has launched an ad campaign seeking to convince lawmakers to reject the re-confirmation.
Fox Business journalist Eleanor Terrett shared CEDAR’s ad plans on X.
The US Senate Banking Committee will vote on the decision on Wednesday. If approved, the Democrat appointee will continue at the SEC for four more years until 2029.