The crypto community is up in arms against the renomination of Caroline Crenshaw to the SEC, with industry-backed advocacy groups launching targeted campaigns to stop her appointment. CEDAR Innovation Foundation has spearheaded an online onslaught on social media, while the Blockchain Association and DeFi Education Fund are making their case to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Crenshaw is facing accusations of being more anti-crypto than the outgoing SEC chair, Gary Gensler. A new five-figure digital ad campaign has been launched by advocacy groups, urging lawmakers to reject Crenshaw’s renomination. The campaign is set to reach audiences across all social media platforms in Washington, DC.
The Senate Banking Committee is set to vote on Crenshaw’s renomination, with advocates fearing that her appointment until June 2029 could have negative implications for the cryptocurrency industry as a whole.
In a letter to the committee, the Blockchain Association and DeFi Education Fund outlined their reasons for opposing Crenshaw’s renomination. They argue that Crenshaw has disregarded the rule of law, citing her refusal to approve a spot Bitcoin ETP despite court rulings in favor of it. Advocates believe that Crenshaw’s actions do not align with the SEC’s mission or the interests of American investors who hold digital assets.
Amidst the campaign against Crenshaw, there is growing interest in crypto from America’s incoming administration. President-elect Donald Trump has expressed a desire to embrace digital assets and has even pledged to establish a special crypto reserve. He warns that failing to adopt crypto could leave the U.S. behind other nations that are making strides in the sector, such as the United Arab Emirates.
It is crucial for the Senate to consider the implications of Crenshaw’s renomination and the potential impact on the crypto community. The pushback against her appointment highlights the growing significance of cryptocurrency in today’s financial landscape.