• Anti-crypto Caroline Crenshaw reaffirms commitment to SEC’s mission during testimony seeking reappointment.

  • The crypto community opposes Crenshaw’s reappointment due to her stance on Bitcoin ETFs.

  • Paradigm’s CLO accused Crenshaw of lacking respect for the law.

The SEC Commissioner Caroline Crenshaw, known for her skepticism towards crypto, is facing pushback from the crypto community as she seeks reconfirmation for another term.

Despite her reaffirmation of commitment to the SEC’s mission, including balancing the interests of financial market participants to ensure smaller players can compete, during a recent Senate testimony, industry leaders are voicing their opposition, citing concerns over her past decisions and stances on key issues like Bitcoin spot ETFs.

FOX business journalist Eleanor Terrett highlighted Crenshaw’s latest remarks in a post on X today.

GM! 🌞☕️ SEC Commissioner Caroline Crenshaw’s testimony says she wants to keep working tirelessly to support the @SECGov’s mission including “balancing the interests of those who participate in our markets to help ensure smaller players have the chance to compete.” Read it…

— Eleanor Terrett (@EleanorTerrett) July 11, 2024

Notably, Crenshaw began her term as a commissioner in 2020 but gained notoriety in the crypto scene earlier this year for her opposition to Bitcoin spot ETFs. In January, SEC Commissioners Hester Peirce and Mark Uyeda voted in favor of approving Bitcoin spot ETFs.

However, Crenshaw and Jaime Lizárraga voted against them, citing concerns about risks to investors without proper oversight. Given her public skepticism towards crypto, prominent figures in the community are speaking out against Crenshaw’s reappointment.

Katie Biber, Paradigm’s chief legal officer, recently questioned why Crenshaw appears poised for reconfirmation without opposition from the Senate, accusing her of lacking respect for the law. According to Biber, Crenshaw does not deserve another term at the SEC.

Biber supported her criticism by pointing to Crenshaw’s behavior in the Grayscale Investments vs. SEC case. The DC Circuit Court of Appeals ruled that the SEC acted arbitrarily and capriciously when it denied Grayscale’s Bitcoin ETF application.

Biber noted that despite this ruling, Crenshaw attempted to justify the SEC’s actions and disregard the court’s explicit command.

4/ Even Gary Gensler bowed to this obviously correct conclusion by the DC Circuit. But not Caroline Crenshaw. In this dissent, she twisted herself into knots to justify disregarding the Court’s explicit command. What happened to respecting rule of law?https://t.co/ARKk707Q86

— Katie Biber (@katiebiber) July 9, 2024

In contrast, even SEC Chairman Gary Gensler acknowledged the court’s conclusion. However, Crenshaw remained unmoved, going so far as to write a lengthy dissenting article opposing the approval of proposed rule changes to list Bitcoin spot ETFs.Brad Garlinghouse, the CEO of Ripple, is among other industry experts opposed to Crenshaw’s reappointment as an SEC Commissioner.

The post SEC Commissioner Crenshaw Faces Crypto Community Backlash Amid Reconfirmation appeared first on Coin Edition.