Summary:
Emilie Choi criticizes Caroline Crenshaw as 'anti-crypto'.
Senate vote on Crenshaw's renomination scheduled for December 11.
Crenshaw opposed Bitcoin ETFs, calling the SEC's decision 'unsound and ahistorical.'
Frustration mounts in the crypto community over Crenshaw's potential re-election.
Donald Trump appointed Paul Atkins, a pro-crypto advocate, as the new SEC chief.
Coinbase COO Emilie Choi has called Caroline Crenshaw, one of the two SEC commissioners who opposed Bitcoin ETFs, 'anti-crypto.'
On December 11, the U.S. Senate Banking Committee will vote on whether to renominate Crenshaw, a Democrat SEC commissioner known for her critical stance on cryptocurrencies. The crypto community is voicing its frustration over her potential re-election.
Crenshaw is ‘anti-crypto,’ says Coinbase COO
Crenshaw, who took office in August 2020, was notably against the approval of spot Bitcoin exchange-traded funds (ETFs). In her dissenting letter regarding the SEC's decision, she stated:
“I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”
Only one other SEC commissioner, Jaime Lizárraga, sided with her against Bitcoin ETFs.
James Seyffart, a Bloomberg ETF analyst, has noted that Crenshaw is even more vehemently anti-crypto than SEC chair Gary Gensler, who has faced criticism himself. Seyffart remarked that she served as more than just an ally to Gensler.
In a recent post on X, Emilie Choi stated:
“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
As the Senate vote approaches, frustration mounts within the crypto community. Alexander Grieve, from crypto investment firm Paradigm, referred to Crenshaw's potential renomination as “one last gift for crypto” from outgoing Democrat Senate Banking Chair Sherrod Brown.
If confirmed, Crenshaw's position in the SEC would extend until 2029. Conversely, if she is not confirmed, president-elect Donald Trump could nominate a replacement.
Austin Campbell, CEO of digital payments firm WSPN, expressed his dissatisfaction in a post:
“I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”
Trump’s SEC chair pick has received the crypto community’s approval
Earlier this week, Trump appointed Paul Atkins, a former SEC commissioner known for his pro-crypto stance, as the new SEC chief. The crypto community welcomed this news enthusiastically.
Atkins, who served from 2002 to 2008, is expected to adopt a more lenient approach toward crypto regulation compared to Gensler. Paul Grewal, Coinbase's chief legal officer, stated that Atkins' nomination is “sorely needed and cannot come a day too soon.”
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