- If the vote of the Senate is passed, then Crenshaw will continue with her position till 2029.
- However, if the vote is not passed then the newly elected President will nominate someone else as her replacement.
- In the last week, the President has nominated Paul Atkins to take the position of new SEC chair. He has also served the Commission in the position of Commissioner so far.
The Senate Banking Committee of the United States will determine whether to renominate the commissioner of the Securities and Exchange Commission, Caroline Crenshaw on December 11. The Commissioner has always been faithful to cryptocurrencies and the crypto market is unhappy with the decision of her re-election.
Crenshaw held her position in August 2020, and at that time there were two commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) and she was one of them. She wrote a letter in which she opposed the decision of SEC and referred to it as “unsound and ahistorical.”
What does the letter say?
In that letter, she wrote, “I have a fear that today we are settling for the failure of tomorrow and investors hold the responsibility of protecting it because eventually they are the ones who are going to pay the price.”
An analyst from Bloomberg ETF, James Seyffart mentioned that Crenshaw was an even more brutal anti-crypto leader as compared to the Chairman of the Commission, Gary Gensler who has often been referred to as a ferocious anti-crypto leader.
The analyst took to a social media platform, X earlier this week in which he wrote that as a matter of fact, Crenshaw has served as more than just an ally to Gensler. On December 7, the chief operating officer and President of Coinbase, Emilie Choe mentioned that Caroline Crenshaw is an anti-crypto leader as she has also opposed Bitcoin ETFs and the SEC needs to change this.
The frustration of the industry
The crypto community is now frustrated with the upcoming voting on December 11. The vice president of government affairs at Paradigm, Alexander Grieve referred to this as one last gift for the community that the Chairman of the Senate Banking Committee is trying to bank before he leaves his position.
If the vote of the Senate is passed, then Crenshaw will continue with her position till 2029. However, if the vote is not passed then the newly elected President will nominate someone else as her replacement.
In the last week, the President has nominated Paul Atkins to take the position of new SEC chair. He has also served the Commission in the position of Commissioner so far. The crypto industry was excited about this news and accepted the nomination excitedly.
Atkins held his position in 2002 and served till 2008 and it is now anticipated that he will have a more lenient approach towards crypto regulations than Gensler. He is also known for his support of free-market principles and investor protection and his aim for clearing complex financial markets.
