The Blockchain Association, DeFi Education Fund, and CEDAR Innovation Foundation all oppose the renomination of Caroline Crenshaw to the SEC Commissioner. Crenshaw, an appointee of President Joe Biden, has been criticized for his negative stance on cryptocurrencies.
Cryptocurrency and blockchain advocacy groups Blockchain Association and DeFi Education Fund have sent a letter to the U.S. Senate Banking, Housing, and Urban Affairs Committee expressing opposition to the reconfirmation of SEC Commissioner Caroline Crenshaw. .
The Blockchain Association and DeFi Education Fund sent a letter to Senate Banking Committee Chairman Sen. Sherrod Brown and Ranking Member Sen. Tim Scott.
According to the letter, Crenshaw's actions over the past four years have seriously undermined Congress's mission to establish clear regulatory policies for the cryptocurrency industry.
“Congress has a clear mandate from the American people to establish sound and rational crypto-related policies. Unfortunately, Director Crenshaw's tenure at the SEC has been marked by conduct that appears to be inconsistent with this charge. ” the two organizations said in a joint letter.
Last month, SEC Chairman Gary Gensler and Commissioner Jaime Lizarraga both announced they would resign from the agency in January. This leaves Hester Peirce, Caroline Crenshaw, and Mark Ueda, with Crenshaw joining in 2020 and expiring in 2024.
Read more: Donald Trump selects crypto advocate Paul Atkins as next US SEC Chairman
CEDAR Innovation Foundation also opposes renomination
Crenshaw's opposition to the reaffirmation stems from the fact that she largely aligns with the SEC's negative approach to cryptocurrencies. In a key example, she opposed the approval of a Spot Bitcoin ETF in the US even after the DC Circuit blasted the SEC's “arbitrary and capricious” action in rejecting Grayscale's proposal to list a Spot BTC ETF.
Apart from BA and DEF, another opposition to Crenshaw’s nomination comes from the CEDAR Innovation Foundation, a cryptocurrency advocacy group. The industry-backed group has launched an ad campaign to persuade lawmakers to reject reaffirmation.
Fox Business journalist Eleanor Tellet shared CEDAR's advertising plans for X.
The U.S. Senate Banking Committee is scheduled to vote on the decision on Wednesday. If confirmed, the Democratic appointee would serve an additional four years at the SEC until 2029.
