In summary
- Brian Armstrong called for the removal of Caroline Crenshaw for her anti-crypto stance and opposition to Bitcoin ETFs.
- Crenshaw called the approval of Bitcoin ETFs “insane,” earning criticism from the crypto community.
- Outlaw Paul Atkins was nominated as the next chairman of the SEC, marking a possible regulatory change.
Coinbase CEO Brian Armstrong took to social media to criticize SEC Commissioner Caroline Crenshaw, calling her a “failure” and calling for her removal from office.
Armstrong’s comments come as the Senate Banking Committee prepares to vote on Crenshaw’s renomination on December 11, a decision that could extend his term until 2029.
“Caroline Crenshaw was a failure as SEC Commissioner and should be voted out,” Armstrong wrote in X on Sunday.
He cited her opposition to Bitcoin exchange-traded funds (ETFs) and accused her of being “worse” than SEC Chairman Gary Gensler, a staunch critic of the industry.
“The Senate Banking Committee should take note: the crypto community is watching this vote,” he added, referencing how pro-crypto organizations like Stand With Crypto plan to track such decisions on political scorecards.
Crenshaw has been a critic of cryptocurrencies, going so far as to describe the SEC’s approval of Bitcoin ETFs in January as “pointless and historyless.”
Her opposition to these financial products, widely seen as a critical bridge to widespread Cryptocurrency adoption, has made her a polarizing figure within the industry.
Bloomberg Intelligence ETF research analyst James Seyffart commented on her record, noting, “She wasn’t just ‘a Gensler ally’ – she was more vehemently anti-crypto than Gensler. Just read her dissent letter on the approvals of “Bitcoin ETF…Lizarraga didn’t even join her in that letter.”
His dissent has been widely condemned within the crypto community, which sees Bitcoin ETFs as a key bridge to widespread cryptocurrency adoption.
Coinbase President and COO Emilie Choi echoed Armstrong’s sentiments, writing in an X post on December 7, “Caroline Crenshaw is against cryptocurrencies. She even shamefully opposed Bitcoin ETFs.” “The SEC has to change.”
Armstrong has also criticized the SEC’s enforcement strategy, accusing the agency of an “illegal” campaign against the cryptocurrency industry.
He recently severed ties with law firms that employ former SEC officials who led enforcement actions during Gensler’s tenure, calling such hires an “ethical violation.”
The Senate vote on Crenshaw’s renomination comes as the SEC undergoes major leadership changes.
Chairman Gary Gensler, widely criticized for his anti-crypto regulatory approach, will resign in January 2025. Commissioner Jaime Lizárraga has also announced his resignation.
Procrypto advocate Paul Atkins was recently nominated as the next chairman of the SEC, a decision welcomed by industry leaders who hope for better collaboration between regulators and cryptocurrency users.
As the vote approaches, Crenshaw’s anti-crypto record puts the Senate Banking Committee at the center of an important decision for the future of cryptocurrency regulation in the US.
Edited by Stacy Elliott.
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