The crypto industry is mounting a vigorous effort to block the renomination of Securities and Exchange Commissioner Caroline Crenshaw
The crypto industry is mounting a vigorous effort to block the renomination of Securities and Exchange Commissioner Caroline Crenshaw as the Senate Banking Committee gears up to vote for her appointment to a second term at Wall Street’s top regulator. Crenshaw, a Democrat, was appointed to the commission in 2020 by then-President Trump, and renominated by Biden.
With just eight days before Congress adjourns for the year, Republicans say the scheduling of Crenshaw’s vote Wednesday at 9:45am EDT is a last-minute effort by Democrats to try and undermine the mandate voters gave Trump and Congress to restore the SEC to a pro-innovation, pro-business agenda that includes establishing a regulatory framework for digital assets. Republicans will be in the minority until the start of the next Congress in January.
At issue for crypto investors has been Crenshaw’s support of SEC chairman Gary Gensler’s stringent oversight of the $3 trillion digital asset industry. They also oppose her for the characterization of the crypto markets as ‘petri dishes of fraudulent conduct,' and her dissent from the commission’s approval of Wall Street’s bitcoin spot exchange-traded funds.
Meanwhile, the non-profit Cedar Innovation Foundation, an industry-backed group that advocates for the advancement of crypto and blockchain technology, launched on Monday a five-figure mobile ad campaign in DC and across social media platforms calling Crenshaw "more anti-crypto than Gensler," pointing to her opposition of the bitcoin ETFs that Gensler voted to approve.
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