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A new digital advertising campaign targets U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw, accusing her of being “even more extreme” than Chair Gary Gensler.
The campaign, launched by Cedar Innovation Foundation, a dark-money group with crypto industry backing, comes ahead of a Senate Banking Committee hearing to consider Crenshaw’s renomination.
Crenshaw, who will become the sole Democrat on the SEC when Republicans gain control of the agency in January, has faced fierce opposition from crypto advocates.
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Crenshaw’s Confirmation Hearing to be Reviewed This Week
Initially postponed after the November elections, Crenshaw’s confirmation hearing will be reviewed by the Senate panel this week. Several crypto-focused organizations, including the Blockchain Association and the DeFi Education Fund, are rallying against her approval.
One of Crenshaw’s major points of contention is her opposition to the approval of spot bitcoin exchange-traded funds (ETFs). She has also referred to crypto markets as a “petri dish” for fraud, further alienating industry players.
The Blockchain Association has sent a letter to Senate leaders urging them to reject her confirmation. It argues that Crenshaw’s stance undermines efforts to establish clear regulatory policies for digital assets.
Crenshaw’s term expired earlier this year, but she is serving in a temporary role that could extend until 2025. The pushback against her confirmation highlights the growing divide between crypto interests and SEC regulators.
Ji Kim, chief legal and policy counsel for the Crypto Council for Innovation, criticized Crenshaw for lacking the objective judgment necessary for such a prominent position.
As previously stated, we are concerned with the renomination of Commissioner Caroline Crenshaw, who to date has demonstrated biased animosity to the digital asset space — whether it was dissenting from the SEC approving a BTC ETF, which was legally required and only helps bring… https://t.co/YOci0YPFf7
— Ji Kim (@_jikim) December 9, 2024
Ohio Democrat Sherrod Brown chairs the Senate Banking Committee. He faces pressure from crypto interests following a significant $40 million campaign expenditure on his previous election.
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Coinbase To Cut Ties With Law Firms Linked To Former SEC Officials
Coinbase CEO Brian Armstrong has announced that the crypto exchange will sever ties with law firms employing former SEC officials involved in what he claims was an effort to “unlawfully kill” the crypto industry.
“We’ve informed all the law firms we work with that if they hire individuals who were part of these unethical actions in the prior administration, we will no longer be their client,” he wrote in a recent post on X.
His comments specifically targeted Milbank, a global law firm that recently hired Gurbir Grewal, the former SEC Division of Enforcement chief, as a partner.
This came as the SEC has taken a tougher stance against crypto firms in 2024. More specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, a 3,018% increase from 2023.
The fines included forfeitures, disgorgement, civil penalties, settlements, and prejudgment interest, calculated from when the SEC initiated each case.
The agency also faced a barrage of criticism during a congressional hearing on Wednesday, September 18, 2024. A predominantly critical witness panel voiced concerns over the agency’s regulatory approach to digital assets.
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