Blockchain advocates oppose SEC Crenshaw’s re-confirmation

Members of the blockchain community have voiced strong opposition to the reconfirmation of Democratic U.S. SEC Commissioner Caroline Crenshaw as the agency undergoes a leadership transition.

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

Crenshaw was unanimously elected as SEC commissioner in 2020, completing the Democratic SEC lead alongside chairman Gary Gensler and fellow commissioner Jaime Lizárraga.

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

This difference in perspective on the regulatory issues integral to cryptocurrency in the US is even more troubling given the consensus emerging from the incoming Congress and administration. It was out of step with the previous Congress and will be even more out of step with the 119th Congress. Unlike many policymakers who understand the potential of crypto through education and engagement, Commissioner Crenshaw has shown little or no interest in improving his stance or encouraging constructive dialogue with our growing industry.

Blockchain Association

His background at the SEC will also put him at odds with Trump’s preferred potential chairman, Paul Atkins. Akins has been a long-time crypto supporter and has called for common-sense regulation of digital assets. The Senate still must confirm Trump’s nomination of Atkins, but many in the industry see him as the next SEC chairman.

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

The Senate vote on Crenshaw’s reconfirmation is scheduled for Dec. 18. If reapproved, Crenshaw could serve through 2029 and work at the SEC throughout the Donald Trump administration.

Caroline Crenshaw has failed as SEC Commissioner and must be voted out.

He tried to block Bitcoin ETFs and was worse than Gensler on some issues (which I didn’t think was possible).

The Senate Banking Committee should take note that the crypto community is watching… https://t.co/JQyp2zYaY2

— Brian Armstrong (@brian_armstrong) December 9, 2024