- The Blockchain Affiliation, DeFi Training Fund, and CEDAR Innovation Basis all opposed the reappointment of Caroline Crenshaw as SEC Commissioner.
- Crenshaw is nominated by Joe Biden and is criticized for her destructive stance on crypto.
Crypto and blockchain advocacy teams Blockchain Affiliation and DeFi Training Fund have written to the U.S. Senate Committee on Banking, Housing, and City Affairs to precise opposition to the reconfirmation of SEC Commissioner Caroline Crenshaw.
The Blockchain Affiliation and the DeFi Training Fund despatched the letter to Senate Banking Committee Chairman Sen. Sherrod Brown and Rating Member Sen. Tim Scott.
In accordance with the letter, Crenshaw's actions over the previous 4 years have largely undermined Congress's mandate to ascertain clear regulatory insurance policies for the crypto {industry}.
“Congress has a transparent mandate from the American individuals to ascertain sturdy and cheap cryptocurrency insurance policies. Sadly, Commissioner Crenshaw’s tenure on the SEC has been marked by actions that look like at odds with this accusation,” the 2 teams stated in a joint letter.
Prior to now month, SEC Chairman Gary Gensler and Commissioner Jaime Lizárraga each introduced their departures from the company in January. That leaves Hester Peirce, Caroline Crenshaw and Mark Uyeda, with Crenshaw having joined in 2020 and seeing his time period expire in 2024.
Learn extra: Donald Trump picks pro-crypto Paul Atkins to be subsequent US SEC chairman
The CEDAR Innovation Basis additionally opposes the renaming
Opposition to Crenshaw's reconfirmation stems from the truth that it largely aligned with the SEC's destructive strategy to crypto. In a single essential case, she disagreed over the approval of Bitcoin spot exchange-traded funds in the US, even after the D.C. Circuit Courtroom criticized the SEC for its “arbitrary and capricious” actions in denying the Grayscale's proposal to listing a spot BTC ETF.
Moreover BA and DEF, different opposition to Crenshaw's re-nomination got here from the cryptocurrency advocacy group CEDAR Innovation Basis. The industry-backed group launched an promoting marketing campaign geared toward convincing lawmakers to reject the reconfirmation.
Eleanor Terrett, reporter at Fox Enterprise widespread CEDAR promoting plans on X.
The US Senate Banking Committee will vote on the choice on Wednesday. If accepted, the Democratic nominee will stay on the SEC for one more 4 years, till 2029.
