Coinbase CEO Brian Armstrong is urging the Senate to reject the reappointment of SEC Commissioner Caroline Crenshaw, calling her a “failure” and worse than outgoing chairman Gary Gensler on some crypto issues. He made this statement on X (formerly Twitter), highlighting that the crypto community will be closely watching the Senate Banking Committee’s vote on her re-nomination.
Crenshaw’s Anti-Crypto Stance
Armstrong’s criticism stems from Crenshaw’s outspoken opposition to crypto, particularly her strong disapproval of Bitcoin spot ETFs. She’s been described as even more vehemently anti-crypto than Gensler himself, actively working against the industry’s progress. This contrasts with the approval of both Bitcoin and Ethereum ETFs, a major milestone for the crypto industry. Interestingly, another Democratic commissioner, Jaime Lizárraga, didn’t share Crenshaw’s dissenting opinion.
The Implications of the Vote
The Senate vote on Crenshaw’s re-nomination is crucial. A successful vote would keep her in the position for another five years. However, if the Senate rejects her, President Trump can nominate a replacement. This is significant given Trump’s recent nomination of Paul Atkins as the new SEC Chairman and his generally pro-business stance.
A More Crypto-Friendly Future?
The crypto industry is anticipating a friendlier regulatory environment under the Trump administration. This expectation is fueled by Trump’s appointments and Coinbase’s decision to only work with law firms that support the crypto industry. Coinbase has even announced it will sever ties with firms employing individuals who actively worked against the crypto sector during the Biden-Harris administration. Overall, there’s considerable optimism for a more positive future for crypto in the US.
