Emily Walker
With Donald Trump’s administration set to shift regulatory landscapes, the crypto sector anticipates significant changes. Industry leaders are actively discussing the potential regulatory directions ahead.
In a recent statement, CEO of Coinbase, Brian Armstrong, called on the US Senate Banking Committee to carefully consider their vote regarding the re-nomination of SEC commissioner Caroline Crenshaw, noted for her anti-crypto stance, emphasizing that the crypto community is closely monitoring the situation.
Call to Dismiss Anti-Crypto SEC Commissioner
On Sunday, Brian Armstrong used X to express his concerns about the impending Senate vote on SEC commissioner Caroline Crenshaw’s re-nomination. He labeled her a “failure” for her role and urged for her dismissal.
His remarks followed a report by Fox Business journalist Eleanor Terrett, indicating that the Senate would cast votes on Crenshaw’s re-nomination on Wednesday, December 11.
Terrett noted that Crenshaw supported the outgoing SEC Chairman Gary Gensler’s anti-crypto policies and advocated for stringent regulations while opposing Bitcoin spot exchange-traded funds (ETFs).
Armstrong highlighted that Crenshaw may be “even worse than Gensler,” urging the Senate to be wary as the crypto community would be keeping track of the votes, which would influence politicians’ ratings on Stand With Crypto.
ETF expert James Seyffart echoed these sentiments, asserting that Crenshaw’s opposition to crypto was stronger than Gensler’s, especially reflected in her comments after the approval of BTC ETFs.
In a letter, Crenshaw criticized the approval of crypto-based exchange-traded products (ETPs), arguing against the essence of Bitcoin and overall crypto development.
Despite her resistance, the approval of Bitcoin and Ethereum spot ETFs has been a significant achievement for the crypto market, showcasing impressive inflows over the last month.
Seyffart also pointed out that another Democratic commissioner, Jaime Lizárraga, did not share Crenshaw’s dissent regarding these issues.
Crypto Sector Anticipates Positive Changes
Additionally, Lizárraga’s upcoming exit as SEC commissioner follows Gensler’s announcement of his impending departure in January, leaving Crenshaw as the last Democratic voice on the commission.
If her re-nomination is approved, Crenshaw could remain in position for another five years. However, Terrett mentioned that should the Senate choose not to renominate her, President Trump will have the opportunity to nominate someone else.
Recently re-elected President Trump announced his choice for new SEC Chairman, nominating Paul Atkins. Furthermore, Armstrong indicated that Coinbase aims to collaborate exclusively with law firms dedicated to supporting the industry.
As per Bitrabo’s reports, Armstrong revealed that Coinbase would sever ties with companies that have engaged individuals involved in the sector’s scrutiny during the Biden-Harris administration.
Overall, investors are optimistic about the forthcoming administration and anticipate a new, more pro-industry phase beginning when Trump takes office on January 20, 2025.
