- The Blockchain Affiliation, the DeFi Schooling Fund and the CEDAR Innovation Basis opposed the re-nomination of Caroline Crenshaw as SEC Commissioner.
- Crenshaw is appointed by Joe Biden and is criticized for her damaging stance on cryptocurrencies.
Crypto and blockchain advocacy teams Blockchain Affiliation and the DeFi Schooling Fund wrote to the US Senate Committee on Banking, Housing and City Affairs expressing their opposition to the reconfirmation of SEC Commissioner Caroline Crenshaw.
The Blockchain Affiliation and the DeFi Schooling Fund despatched a letter to Senate Banking Committee Chairman Senator Sherrod Brown and Rating Member Senator Tim Scott.
In accordance with the letter, Crenshaw's actions over the previous 4 years have largely undermined Congress' mandate to set clear regulatory insurance policies for the crypto {industry}.
“Congress has a transparent mandate from the American individuals to determine sound and cheap insurance policies concerning cryptocurrencies. Sadly, Commissioner Crenshaw's tenure on the SEC has been marked by actions that seem to contradict this allegation,” the 2 teams stated in a joint letter.
SEC Chairman Gary Gensler and Commissioner Jaime Lizárraga introduced their departures from the company in January final month. That leaves Hester Peirce, Caroline Crenshaw and Mark Uyeda, with Crenshaw becoming a member of in 2020 and her time period expiring in 2024.
Learn extra: Donald Trump picks pro-crypto Paul Atkins as subsequent US SEC chairman
CEDAR Innovation Basis additionally opposes re-nomination
The opposition to Crenshaw's reconfirmation stems from the truth that she has largely recognized with the SEC's damaging strategy to cryptocurrencies. In a single high-profile case, it disagreed with the approval of spot bitcoin exchange-traded funds within the US, even after the DC Circuit Courtroom criticized the SEC for its “arbitrary and arbitrary” actions in rejecting Grayscale's proposal to record a spot BTC ETF.
Along with BA and DEF, different opposition to Crenshaw's renomination comes from the crypto advocacy group CEDAR Innovation Basis. An industry-backed group has launched an advert marketing campaign attempting to persuade lawmakers to reject the reaffirmation.
Fox Enterprise reporter Eleanor Terrett shared CEDAR Promoting Plans on X.
The US Senate Banking Committee will vote on the choice on Wednesday. If permitted, the Democrat appointee will proceed on the SEC for one more 4 years by 2029.
