Senate Committee to Vote on SEC Commissioner Caroline Crenshaw
The Senate Banking, Housing and Urban Affairs Committee is scheduled to vote on Caroline Crenshaw's position as SEC commissioner.
Criticism of SEC Chair Gary Gensler has been prevalent in the crypto industry, with the Cedar Innovation Foundation labeling Crenshaw as even more anti-crypto. Coinbase’s Emilie Choi highlighted Crenshaw's opposition to spot bitcoin ETFs, which have attracted $33.9 billion in net inflows.
Crenshaw described the SEC's approval of these products as “unsound and ahistorical,” suggesting it jeopardizes investor protection. Cody Carbone from The Digital Chamber criticized her dissenting opinion, claiming she relied on outdated studies and overlooked the industry's development.
In August 2023, judges ruled that the SEC had arbitrarily denied applications for spot bitcoin ETFs after permitting bitcoin futures funds. Crenshaw has served as an SEC commissioner since August 2020 and has been noted for promoting a regulation-by-enforcement strategy that has hindered innovation.
Inquiries about any potential change in Crenshaw's stance on bitcoin ETFs or the broader crypto market did not receive an immediate response. Gensler announced he would leave the SEC on January 20, coinciding with the departure of Commissioner Jaime Lizárraga. This will leave Hester Peirce and Mark Uyeda, who have terms ending in 2025 and 2028 respectively, as the remaining crypto-friendly commissioners.