Coinbase CEO Brian Armstrong has taken to social media to criticize U.S. Securities and Exchange Commission (SEC) commissioner Caroline A. Crenshaw, calling for her removal from her position. Armstrong, known for his outspoken views on cryptocurrency regulation, accused Crenshaw of hindering progress in the industry by attempting to block Bitcoin exchange-traded funds (ETFs) and aligning with SEC Chair Gary Gensler on certain issues.
In a tweet, Armstrong urged the Senate Banking Committee to consider the impact of Crenshaw’s actions on the crypto community, hinting that her re-nomination could affect politicians’ ratings on Stand With Crypto scorecards. Stand With Crypto is an advocacy group supported by Coinbase, aiming to promote the adoption and regulation of digital assets.
Crenshaw, a Democrat appointed by former President Donald Trump and confirmed by the Senate in 2020, has faced criticism for her dissenting opinion on the approval of spot Bitcoin ETFs earlier this year. Despite her objections, the SEC moved forward with the decision, sparking debate within the regulatory body.
As Crenshaw’s term nears its end, the Senate Banking Committee is set to vote on her re-nomination this Wednesday. With the SEC requiring a balanced representation of political parties among its commissioners, Crenshaw’s potential departure could shift the dynamics within the regulatory body. Currently, the SEC consists of three Democratic and two Republican commissioners, with plans for Gensler and fellow Democrat Jaime Lizárraga to step down in 2025.
Armstrong’s public criticism of Crenshaw reflects the growing tensions surrounding cryptocurrency regulation in the U.S. With the industry facing increased scrutiny and calls for clearer guidelines, the outcome of Crenshaw’s re-nomination could have significant implications for the future of digital assets in the country.
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