The U.S. Senate Banking Committee is set to hold a vote meeting on December 11 in regard to the possible second nomination of SEC Commissioner Caroline Crenshaw. Those in the crypto community have been polarized by her strong anti-crypto stance.
Since joining the SEC in August 2020, Crenshaw has joined the anti-crypto bandwagon. Earlier this year, more than two crypto-ETF-linked institutions submitted a spot Bitcoin ETF approval application for evaluation. Crenshaw slammed the decision to approve ETFs as “More than just bad judgment, it is also out of touch with history” later on.
This has resulted in being the subject of hostility directed by advocates of crypto. Coinbase President Emilie Choi referred to her as “anti-crypto” in a post on X and went on to mention that she was against the Bitcoin ETFs as a crucial point.
Given that the reappointment of Crenshaw could shape the future of the regulation landscape concerning digital assets, this vote will attract a lot of attention.
How Crenshaw Reappointment Could Reshape the Industry
According to Alexander Grieve, who is a Vice President of Government Relations at Paradigm, the renomination comes as a “last gift” from the current Senate Banking Chair Sherrod Brown as he prepares for retirement.
James Seyffart, a Bloomberg ETF analyst, Crenshaw, in his case, hates crypto even more than what SEC chairperson Gary Gensler does. Seyffart pointed to Crenshaw’s dissent letter on IFF’s Bitcoin ETF approvals, which she had submitted earlier this year, but her fellow Democrat Commissioner Jaime Lizárraga did not support it.
In other news, the SEC is now preparing itself for a new management with Gensler nearly certain to depart his position on 20 January 2025.
Donald Trump Set to Elect Paul Atkins as SEC Chair
There are indications that Donald Trump intends to appoint Paul Atkins as SEC Chair after Trump becomes president of the US. Atkins has a role as an aide under SEC chairmen Richard Breeden and Arthur Levitt and is said to be fluent in cryptocurrency and the workings of the agency.
A lot of people feel that the SEC has achieved nothing in terms of building clear requirements for crypto companies, but pursued the major companies through courts instead. This has in turn led to a formal opposition against the SEC headed by Iowa Attorney Brenna Bird, with seven US states united in an amicus brief.
Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma are all included in the clearing which claims SEC’s actions are beyond its constitutional limit, are restrictive to innovation, and hurt the crypto industry.
Furthermore, on this backdrop the SEC has recently lodged proceedings against Touzi Capital saying the investment firm has committed fraud against investors by misrepresenting their cryptocurrency mining fund to be more profitable than it really was. The tussle over the fate of cryptocurrencies is growing.
Ripple CEO Congratulates New Crypto Czar
This week a new role as White House czar of AI and cryptocurrencies was awarded to David Sacks which Brad Garlinghouse, the CEO of Ripple, has sent his congratulatory message to.
Regarding the appointment of Saks in December Garlinghouse posted on X that it was a victory worth celebrating noting that Saks and the then President-elect were a ‘dream team’. He credits Sacks with great technology knowledge as well as a pro-cryptocurrency and pro-AI approach.
Once again the 5th of December 2022 remains a date to remember as Sacks got appointed, pointing out key areas in which he is going to work on in the government to shape policies on cryptocurrencies and AI in the US. As Sacks pointed out, the main problem is the lack of the relevant laws that would encourage innovation in the crypto industry.
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