6 months ago
U.S. Securities and Exchange Commission subordinate Caroline Crenshaw is "even much extreme" than Chair Gary Gensler, according to a integer <a href="https://x.com/CIFonX/status/1866200593380823250" target="_blank">advertising campaign</a> present being launched by Cedar Innovation Foundation — a dark-money radical funded by unnamed crypto interests.
Commissioner Crenshaw, who is acceptable to beryllium the lone Democrat atop the SEC erstwhile Republicans instrumentality implicit the bureau and wider medication successful precocious January, was nominated for different word earlier this year, but <a href="https://www.congress.gov/nomination/118th-congress/1820" target="_blank">the confirmation</a> hadn't travel up for a ballot earlier the November election. Now, the Senate Banking Committee has scheduled a <a href="https://www.banking.senate.gov/hearings/consumer-protection-protecting-workers-money-and-fighting-for-the-dignity-of-work" target="_blank">hearing connected Wednesday</a> to see that nomination.
Several integer assets organizations person deployed successful an effort to artifact her approval. Cedar Innovation Foundation underlined successful a connection that Crenshaw had opposed the support of spot bitcoin exchange-traded funds and has criticized crypto markets arsenic "a 'petri dish' of fraud." The Blockchain Association and different lobbying groups person sent letters to the Senate lawmakers urging a rejection of the commissioner, whose existent five-year word has expired, leaving her serving successful a buffer play that could past until the extremity of 2025.
The Senate's banking sheet is led by Sherrod Brown, an Ohio Democrat who was targeted by astir $40 cardinal successful crypto-industry run spending and mislaid his spot to a blockchain businessman, Bernie Moreno. But Brown inactive has the gavel until the Senate changes hands adjacent year.
The Blockchain Association <a href="https://x.com/BlockchainAssn/status/1866178330732703852" target="_blank">sent a missive to Brown</a> and the panel's ranking Republican, Senator Tim Scott of South Carolina, and argued that "her actions person undermined Congress's wide mandate to found dependable regulatory policies for crypto." The DeFi Education Fund likewise <a href="https://x.com/fund_defi/status/1866179169597415690?t=DLE9zhH6OoOns_mrGTnDGw&s=19" target="_blank">contended</a> that Crenshaw's actions are "at likelihood with this charge."
And Ji Kim, the main ineligible and argumentation assembly for the Crypto Council for Innovation, <a href="https://x.com/_jikim/status/1866176514288423368?t=DLE9zhH6OoOns_mrGTnDGw&s=19" target="_blank">posted connected X</a>, "Commissioner Crenshaw has unluckily not demonstrated the nonsubjective judgement required of bureau leaders."
Scott, for his part, asked President Joe Biden to retreat his outstanding nominations aft the election, reiterating this petition past Friday.
Read More: <a href="https://www.coindesk.com/policy/2024/11/22/another-sec-democrat-to-drop-out-leaving-republicans-running-agency-by-february" target="_blank">Another SEC Democrat to Drop Out, Leaving Republicans Running Agency by February</a>
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