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The U.S. Securities and Exchange Commission (SEC) might look a little different soon. Caroline Crenshaw, who’s been a commissioner since 2020, is up for renomination. President Biden backs her, but not everyone’s on board. The crypto industry, in particular, has made it clear they want her out. Let’s explore why crypto world does not want to see Crenshaw SEC renomination.
A Term Extension That Sparks Controversy
If confirmed, Crenshaw’s new term would run through June 2029. That’s a big deal. Originally appointed by President Trump, Crenshaw’s record includes a strong stance on crypto regulation. She’s called the crypto market a “petri dish of fraudulent conduct.” And she supports SEC Chairman Gary Gensler’s tough oversight.
Her views have drawn criticism, especially from the crypto world. One example? She’s been vocal against approving Bitcoin spot ETFs—a move many in the industry want. This has fueled a major lobbying effort to block her renomination.
Crypto Industry Hits Back Hard
The opposition isn’t subtle. Leading figures in crypto have turned to social media to criticize Crenshaw. Coinbase CEO Brian Armstrong even called her a “failure.” That’s a strong word, but it shows how high the stakes are. Beyond Twitter, groups like the Cedar Innovation Foundation and crypto trade associations have funded ad campaigns to sway public opinion. They’ve also sent letters to lawmakers urging them to reject her nomination.
What’s more, the Stand with Crypto ratings could make things tricky for senators. These ratings track political support for pro-crypto legislation. A vote against the industry could come back to haunt them in elections. Just look at how crypto PACs like Fairshake have spent millions to back their favored candidates.
What’s Next?
The big question is whether these efforts will succeed and stops Crenshaw SEC renomination. If all Democrats on the Senate Banking Committee stick together, Crenshaw’s renomination will likely move forward. But it’s not just about the committee. Senate Majority Leader Chuck Schumer has to prioritize this vote amid a packed schedule. Government funding, defense bills, and judicial nominations all demand attention too.
The crypto industry’s push against Crenshaw could reshape the debate on regulation. Whether or not she’s confirmed, this fight highlights the growing influence of crypto in Washington.