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Crypto industry frustrated over possibility of SEC commissioner Caroline Crenshaw’s renomination
Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'
2 min read
Updated: Dec. 8, 2024 at 6:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On Dec 11, the U.S. Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner. Crenshaw has always been a staunch critic of cryptocurrencies and the crypto community is not happy with the prospect of her re-election.
Crenshaw is ‘anti-crypto,’ says Coinbase COO
Crenshaw, who was sworn into her role in August 2020, was one of two SEC commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) in January. In her letter dissenting from the SEC’s decision, which Crenshaw called “unsound and ahistorical,” she wrote:
“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.”
SEC commissioner, Jaime Lizárraga, the only other SEC commissioner who voted against Bitcoin ETFs, did not add his name to her letter.
According to James Seyffart, a Bloomberg ETF analyst, Crenshaw was even “more vehemently anti-crypto” than SEC chair Gary Gensler, who has been called “evil” himself. In fact, she served as more than “just an ally to Gensler,” Seyffart wrote in an X post earlier this week.
In a Dec. 7 X post, Coinbase president and COO Emilie Choi wrote:
“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Given Crenshaw’s widely-known opinions against crypto, the community is frustrated with the upcoming vote on Wednesday. Alexander Grieve, vice president of government affairs at crypto investment firm Paradigm, called it “one last “gift” for crypto” that Democrat Senate Banking Chair Sherrod Brown is “trying to ram through” before he gives up his chair.
If the Senate vote passes, Crenshaw will hold on to her position in the SEC till 2029. However, if she’s not confirmed by the Senate, president-elect Donald Trump will be free to nominate someone as replacement.
Austin Campbell, CEO of digital payments firm WSPN, wrote in an X 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 being pro-crypto, to be the next SEC chief. The crypto industry welcomed the news with open arms.
Atkins, who served as a Republican SEC commissioner from 2002 to 2008, is expected to take a much more lenient approach to regulating crypto than Gensler. Atkins is known for his advocacy of free-market principles and investor protection and his focus on clarifying complex financial markets.
Atkins’ nomination. is “sorely needed and cannot come a day too soon,” Coinbase chief legal officer Paul Grewal said in an X post.
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Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
James Seyffart is a well-regarded analyst at Bloomberg Intelligence, specializing in Exchange-Traded Funds (ETFs) and the broader fund industry.
Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups.
Paul Atkins is a prominent lobbyist, business leader, and former government official with extensive experience in financial regulation.