Senate Committee To Vote On SEC Commissioner Caroline Crenshaw's Future

According to Blockworks, the Senate Banking, Housing and Urban Affairs Committee is scheduled to vote on Wednesday regarding the continuation of Caroline Crenshaw as an SEC commissioner. Crenshaw has faced criticism from the crypto industry, with some labeling her as more anti-crypto than SEC Chair Gary Gensler. Notably, Coinbase's Emilie Choi criticized Crenshaw for opposing spot bitcoin ETFs, which have seen significant net inflows totaling $33.9 billion. Crenshaw described the SEC's approval of these products in January as "unsound and ahistorical," expressing concerns about investor protection.

Cody Carbone, president of The Digital Chamber, addressed committee members in a letter, arguing that Crenshaw's dissent on spot bitcoin ETFs relied on outdated studies and overlooked the industry's development. In August 2023, judges ruled that the SEC had unjustly denied such products after approving bitcoin futures funds. Crenshaw, who became an SEC commissioner in August 2020, has been noted for the agency's regulation-by-enforcement approach during her tenure, which some argue has hindered innovation and affected investor confidence.

Efforts to obtain a response from Crenshaw regarding her stance on bitcoin ETFs or the broader crypto space were unsuccessful. Meanwhile, SEC Chair Gary Gensler announced his departure from the agency on January 20, coinciding with Inauguration Day. Commissioner Jaime Lizárraga, also a Democrat, is set to leave the SEC on the same day. This will leave commissioners Hester Peirce and Mark Uyeda, who are considered more crypto-friendly, with terms ending in 2025 and 2028, respectively.

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