Blockchain advocates oppose SEC Crenshaw’s re-confirmation

Blockchain community members voiced strong opposition to the re-confirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw as the agency undergoes leadership transition.

The Blockchain Association filed a joint letter with the DeFi Education Fund opposing Crenshaw’s potential extension as a Securities and Exchange Commission leader. “Her actions have undermined Congress’s clear mandate to establish sound regulatory policies for crypto,” the Blockchain Association tweeted on Dec. 9 ahead of a Senate vote on the SEC commissioner.

Crenshaw was unanimously voted as an SEC commissioner in 2020, completing the Democratic SEC leadership alongside chair Gary Gensler and fellow commissioner Jaime Lizárraga.

Under Gensler, Crenshaw regularly sided with anti-crypto policies and dissented against pro-blockchain decisions.  Crenshaw famously voted against approving spot Bitcoin (BTC) exchange-traded funds, the fastest-growing asset class on Wall Street, with over $109 billion in assets within a year.

This divergence in perspective on regulatory matters integral to crypto in the U.S. is even more troubling, given the emerging consensus from the incoming Congress and administration. She was out of step with the prior Congress and will be even more so with the 119th. And, unlike many policymakers who’ve grown to understand crypto’s potential through education and engagement, Commissioner Crenshaw has shown little-to-no interest in evolving her stance or fostering constructive dialogue with our growing industry.

Blockchain Association

Her history at the SEC would also pit her against potential incoming chair Paul Atkins, Trump’s preferred pick. Akins has been a long-time crypto supporter and called for common sense regulation of digital assets. The Senate still has to confirm Trump’s nomination of Atkins, but many industry insiders consider him the next SEC chair.

Coinbase CEO Brian Armstrong said the crypto community was alert to the Senate Banking Committee’s vote on Crenshaw’s SEC tenure. The outcome could affect future industry support for politicians, Armstrong noted.

Crenshaw’s re-confirmation Senate vote is scheduled for Dec. 18. If re-confirmed, she could serve till 2029 and work at the SEC all through Donald Trump’s administration.