Coinbase CEO Brian Armstrong took to social media to criticize SEC Commissioner Caroline Crenshaw, labeling her a “failure” and calling for her removing from workplace.
Armstrong’s remarks come because the Senate Banking Committee prepares to vote on Crenshaw’s renomination on December 11, a call that might lengthen her tenure till 2029.
“Caroline Crenshaw was a failure as an SEC Commissioner and ought to be voted out,” Armstrong wrote on X on Sunday.
He cited her opposition to Bitcoin exchange-traded funds (ETFs) and accused her of being “worse” than SEC Chair Gary Gensler, a staunch critic of the business.
“The Senate Banking Committee ought to take notice – the crypto neighborhood is watching this vote,” he added, referencing how pro-crypto organizations comparable to Stand With Crypto plan to trace such selections on political scorecards.
Crenshaw has been an outspoken critic of crypto, going as far as to explain the SEC’s approval of spot Bitcoin ETFs in January as “unsound and ahistorical.”
Her opposition to those monetary merchandise, that are extensively considered as a essential bridge for mainstream crypto adoption, has made her a polarizing determine throughout the business.
Bloomberg Intelligence ETF analysis analyst James Seyffart weighed in on her observe report, noting, “She wasn’t simply ‘an ally to Gensler’ – she was extra vehemently anti-crypto than Gensler. Simply learn by her dissent letter on the Bitcoin ETF approvals… Lizárraga didn’t even be part of her on that letter.”
Her dissent has been extensively condemned throughout the crypto neighborhood, which views Bitcoin ETFs as a key bridge for mainstream adoption of crypto.
Coinbase President and COO Emilie Choi echoed Armstrong’s sentiments, writing in a December 7 X submit, “Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to vary.”
Armstrong has additionally criticized the SEC’s enforcement technique, accusing the company of an “illegal” marketing campaign in opposition to the crypto business.
He not too long ago severed ties with legislation corporations using former SEC officers who led enforcement actions throughout Gensler’s tenure, calling such hirings an “ethics violation.”
The Senate vote on Crenshaw’s renomination comes because the SEC undergoes important management shifts.
Chair Gary Gensler, extensively criticized for his enforcement-first regulatory strategy, will step down in January 2025. Commissioner Jaime Lizárraga has additionally introduced his resignation.
Professional-crypto advocate Paul Atkins was not too long ago nominated as the following SEC chair, a call welcomed by business leaders hoping for higher collaboration between regulators and crypto customers.
Because the vote approaches, Crenshaw’s anti-crypto observe report locations the Senate Banking Committee on the heart of a significant resolution for the way forward for crypto regulation within the U.S.
Edited by Stacy Elliott.
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