Crypto industry concerned about Crenshaw SEC renomination

The U.S. Senate Banking Committee is scheduled to vote on December 11 regarding the renomination of SEC commissioner Caroline Crenshaw, known for her critical stance on cryptocurrencies.  

Her potential re-election has raised concerns within the crypto industry, particularly among executives who have expressed frustration over her views.  

Crenshaw was one of only two SEC commissioners to oppose the approval of spot Bitcoin exchange-traded funds (ETFs) in January, a decision she described as “unsound and ahistorical.”  

Emilie Choi, president and COO of Coinbase, stated on December 7, “Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”  

Alexander Grieve, vice president of government affairs at Paradigm, referred to the potential renomination as “one last gift” for crypto from Senate Banking Chair Sherrod Brown.  

Bloomberg ETF analyst James Seyffart emphasized that Crenshaw is “more vehemently anti-crypto” than SEC Chair Gary Gensler, noting her dissenting letter regarding Bitcoin ETF approvals.  

He pointed out that the other opposing commissioner, Jaime Lizárraga, did not join her in that letter.  

Following the SEC's approval of spot Bitcoin ETFs on January 10, Crenshaw criticized the decision, stating that it set a troubling precedent for investors.  

Austin Campbell, CEO of digital payments firm WSPN, reminded Democrats that Crenshaw had voted against a federal judge's order to approve Bitcoin ETFs, calling her actions unlawful.  

In contrast to the concerns surrounding Crenshaw’s renomination, the crypto community has reacted positively to President-elect Donald Trump's nomination of Paul Atkins as the new SEC chair.  

This shift comes as Gary Gensler prepares to leave the agency on January 20, 2025, indicating a potential change in the regulatory landscape for cryptocurrencies.