Coinbase CEO Criticizes Anti-Crypto SEC Commissioner
Amid the excitement and expectations for Donald Trump’s new industry-friendly administration, the crypto community and key figures continue to speculate about the coming changes in the regulatory space.
Coinbase’s CEO recently urged the US Senate Banking Committee to vote wisely on the re-nomination of an anti-industry Securities and Exchange Commission (SEC) commissioner, suggesting that the sector “will be watching.”
Coinbase CEO Urges Senate To Vote Anti-Crypto Commissioner Out
On Sunday night, Coinbase’s CEO Brian Armstrong took X to weigh in on the upcoming US Senate Banking Committee vote on the re-nomination of SEC commissioner Caroline Crenshaw. Armstrong expressed his opinion about the potential nomination of the anti-crypto SEC commissioner, stating that she was a “failure” on her charge and should be voted out.
Coinbase CEO’s comment came after Fox Business journalist Eleanor Terrett revealed that the Senate Banking Committee would vote on Crenshaw’s re-nomination this Wednesday, December 11.
The journalist added that Crenshaw has been an “ally” and supporter of outgoing SEC Chairman Gary Gensler’s anti-crypto policies. Additionally, the SEC commissioner pushed for stricter regulations and voted against approving Bitcoin spot exchange-traded funds (ETFs).
Armstrong suggested that Crenshaw was “worse than Gensler in some issues,” which he “didn’t think was possible,” and urged the Senate Banking Committee to take note, as the crypto community will be watching the outcome. He also revealed that the voting results will be factored into the politicians’ scorecards on Stand With Crypto.
ETF expert James Seyffart also weighed on the matter, sharing that to him, Crenshaw “wasn’t just an ally to Gensler.” Instead, she was “more vehemently anti-crypto” than the SEC chairman, as seen in her statement following the BTC ETFs approval.
In the letter, the SEC commissioner condemned the decision to approve crypto-based exchange-traded products (ETPs), slamming against the purpose of Bitcoin and cryptocurrencies and the industry’s developments:
Excerpt from SEC commissioner Crenshwa's letter after Bitcoin ETFs approval. Source: US SEC
Despite Crenshaw’s opposition, Bitcoin ETFs and the later-approved Ethereum spot ETFs mark a crucial milestone for the crypto industry, breaking several records in less than a year and achieving $10 million in inflows just in the past month.
The ETF expert also highlighted that the other Democratic commissioner at the time, Jaime Lizárraga, didn’t join Crenshaw on the dissent letter.
Crypto Industry Prepares For Friendlier Changes
It is worth noting that Lizárraga announced his departure as an SEC commissioner soon after Gensler revealed he would step down in January, leaving Crenshaw as the only representative of the Democratic party among the agency’s commissioners.
If voted through, the SEC commissioner could serve on the agency for five more years. However, Terret noted that if the Senate doesn’t nominate her, elected President Donald Trump will be able to propose someone else.
The re-elected US president recently announced his pick for the new SEC Chairman, nominating Paul Atkins as the Commission’s leader. Moreover, the Coinbase CEO recently stated that the company would only work with law firms committed to the industry.
As reported by Bitcoinist, Armstrong announced that Coinbase would cut ties with the companies that hire the actors who actively participated in the sector’s crackdown during the Biden-Harris administration.
Ultimately, investors remain optimistic about the upcoming administration and the new pro-industry era once Trump takes office on January 20, 2025.
Bitcoin (BTC) is trading at $98,224 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
