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Today’s cryptocurrency plunge is linked to regulatory turmoil stemming from the decision to renominate Caroline Crenshaw as a commissioner at the US Securities and Exchange Commission (SEC). Crenshaw is known for her tough stances on cryptocurrencies, such as her opposition to Bitcoin exchange-traded funds (ETFs).

Key takeaways:

1. Renomination:

If Crenshaw is voted in on December 11, she will serve until 2029, which has raised concerns among the crypto community due to her previous anti-crypto stances.

Crenshaw’s opponents are hoping that the new US president will nominate a more flexible alternative.

2. Crenshaw’s stance:

She has been known for her opposition to the development of crypto-related investment products, considering them to pose uncalculated risks to investors.

3. Market impact:

The crypto community is frustrated by the continued hawkish policies under Crenshaw and Gensler.

Hopes are pinned on Paul Atkins, the new SEC nominee, who is expected to take a more lenient approach to digital assets.

Impact:

Crypto community: Sees these moves as a threat to their investments and continued regulatory pressure.

Market: Investors are risk averse, leading to a sell-off and lower prices.

For more details, you can read the full article on W.