Crenshaw’s Anti-Crypto Legacy Denied Renomination: What Next?

SEC’s Caroline Crenshaw’s Anti-Crypto Legacy: Explained

SEC Commissioner Crenshaw’s Anti-Crypto Legacy

The current Commissioner of the United States’ Securities and Exchange Commission, Caroline Crenshaw is in news for getting her renomination disapproved by the Senate Banking Committee. Crenshaw will now not return as an SEC Commissioner and her term ends this January.  

The news is quite a celebration for those who dearly support crypto, invest in the market and believe in its strength to make the global financial system better. 

Crenshaw, on the other end, has been a huge critic of cryptocurrency. She has even been seen clashing with the industry several times. With Crenshaw and Gensler both no longer in their roles in the SEC, things are expected to be a lot different at the SEC, especially with reference to the crypto enthusiasts. 

Crenshaw’s Anti-Crypto Stance

Caroline Crenshaw was not everyone’s favorite in the space for her close relations with Gary Gensler, as well as for following his vision toward the crypto industry. Her tough stance like Gary’s has often made her a target of criticism from many specifically those who support crypto. There were more than 107,000 emails made against Crenshaw by members from the lawyer’s community who voiced against her renomination.

It might be noted that there were a whole lot of funds that poured in with the effort of blocking her renomination. And these funds amounted to no less than millions. The result? It worked!

People from the crypto space are known to spend huge funds to support candidates who they support and whose actions align with those of the industry. Even campaigns failed to work against all this. In fact, crypto-friendly Republican senators played an equally significant role in making sure that Crenshaw doesn’t get to continue her role in the commission. 

Democrats who support Crenshaw, like Sherrod Brown, lashed out at the crypto industry for their “disgusting smear campaign” to throw her off her position.

What now? 

Well, eyes are on who would now take the position of the SEC Commissioner, and will s/he support cryptocurrencies or not. There are several names doing rounds in the media, two of them being Chris Brummer, a blockchain expert, and TuongVy Le. 

How the SEC will transform in the coming months and its impact on crypto will be interesting to watch.