Reason for currency decline
The crypto industry is not happy about the re-nomination of the SEC Commissioner. If the Senate votes, Crenshaw will continue in her position until 2029. However, if the vote does not pass, the newly elected president will nominate someone else to replace her. Last week, the president nominated Paul Atkins to be the new SEC Chairman. He has also served on the commission as a commissioner so far. The U.S. Senate Banking Committee will decide whether to re-nominate SEC Commissioner Caroline Crenshaw on December 11. The commissioner has always been a cryptocurrency stalwart and the crypto market is unhappy with the decision to re-elect her. Crenshaw took office in August 2020, at which time there were two commissioners who opposed the approval of Bitcoin exchange-traded funds (ETFs) and she was one of them. She wrote a letter opposing the SEC’s decision, calling it “unsound and unhistorical.” What does the letter say? “I have a fear that today we are settling for tomorrow’s failure, and it is the investors who have to protect it because they will ultimately pay the price,” she wrote in the letter. James Seyfart, an analyst at Bloomberg ETF, noted that Crenshaw has been a more aggressive anti-crypto leader than the commission’s chairman, Gary Gensler, who is often referred to as a fierce anti-crypto leader.The analyst took to social media platform X earlier this week where he wrote that in reality, Crenshaw was more than just an ally of Gensler. On December 7, Emily Choi, the COO and president of Coinbase, noted that Caroline Crenshaw is a pioneer in the fight against cryptocurrencies because she also opposed Bitcoin ETFs, and the SEC needs to change that. Industry Frustration The crypto community is now feeling frustrated by the upcoming vote on December 11. Paradigm’s VP of Government Affairs Alexander Greif referred to this as one last gift to the community that the chairman of the Senate Banking Committee is trying to make to the bank before he leaves office. If the Senate vote passes, Crenshaw will remain in her position until 2029. However, if the vote does not pass, the newly elected chairman will nominate someone else to replace her. Last week, the chairman nominated Paul Atkins to be the new chairman of the SEC. He has also served on the commission as a commissioner so far. The cryptocurrency industry was excited about the news and embraced the nomination with enthusiasm. Atkins took office in 2002 and served until 2008, and it is now expected that he will have a more lenient approach to cryptocurrency regulations than Gensler.He is also known for his support of free market principles, investor protection, and his goal of cleaning up complex financial markets.
