- Ripple CLO Stuart Alderoty opposes reappointment of SEC Commissioner Caroline Crenshaw over her stance on Bitcoin spot ETFs.
- Crenshaw resisted approving the Bitcoin ETF regardless of a court docket ruling in favor of such merchandise earlier this yr.
- Crypto business teams, together with the Blockchain Affiliation, are stepping up their lobbying efforts in opposition to Crenshaw's affirmation.
Ripple Chief Authorized Officer Stuart Alderoty has joined the rising opposition to the reappointment of SEC Commissioner Caroline Crenshaw.
In an article on X, Alderoty accused Crenshaw of being “much more thuggish than SEC Chairman Gary Gensler.” He highlighted his continued opposition to Bitcoin spot exchange-traded funds (ETFs) regardless of a Federal Court docket ruling earlier this yr in favor of such merchandise.
Alderoty's assertion comes because the crypto business steps up its lobbying efforts to dam Crenshaw's affirmation. Teams just like the Cedar Innovation Basis have launched digital campaigns that decision Crenshaw “extra excessive” than Gensler. These campaigns spotlight his continued resistance to Bitcoin spot ETFs and his description of crypto markets as a “petri dish of fraud.”
Lobbying efforts intensify
A number of digital asset organizations, together with the Blockchain Affiliation and the DeFi Schooling Fund, despatched letters to Senate lawmakers opposing Crenshaw's reappointment.
In a letter to Senate Banking Committee leaders Sherrod Brown and Tim Scott, the Blockchain Affiliation mentioned Crenshaw's place doesn’t align with the court docket's ruling and Congress's targets.
Ji Kim, chief authorized and coverage advisor on the Crypto Council for Innovation, additionally echoed these issues. Kim mentioned Crenshaw “didn’t train the target judgment required of company management.”
Crenshaw's present time period expired earlier this yr, however she continues to serve by means of a buffer interval that might prolong by means of 2025. The Senate Banking Committee, led by Sherrod Brown, has scheduled a listening to to contemplate her new appointment.
Caroline Crenshaw's dissent
In January, SEC Commissioners Caroline Crenshaw and Jaime Lizárraga voted in opposition to permitting Bitcoin spot ETFs. Chairman Gary Gensler and Commissioners Hester Peirce and Mark Uyeda voted in favor.
Gensler, identified for his skeptical views towards crypto, accepted the endorsement after shedding a court docket case, notably within the Grayscale case. Nonetheless, different SEC leaders, like Crenshaw, continued to oppose Bitcoin spot ETFs even after the court docket ruling. This unwavering place might hurt his candidacy for re-appointment.
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