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SEC Commissioner Caroline Crenshaw, known for her opposition to Bitcoin, may be at risk of losing her position.
A member of the Securities and Exchange Commission (SEC) who has been notably critical of Bitcoin and cryptocurrency may be at risk of losing her position at the agency on June 5, according to government records.
As indicated on the SEC’s website, Commissioner Caroline A. Crenshaw was sworn into her role alongside Commissioner Hester M. Peirce (commonly referred to as “Crypto Mom”) on August 17, 2020. Both commissioners have terms that are set to expire on June 5 – which is less than 50 days away.
SEC Commissioner Nears Term Conclusion
As reported by Fox Business journalist Eleanor Terret, recent statements and nominations from the White House indicate that there are currently no signs of Crenshaw or anyone else being nominated to succeed her after her term concludes.
NEW: I received numerous messages yesterday inquiring if the @GaryGensler resignation rumor was accurate.
Firstly, it’s an election year, and there’s a significant chance these could be his final months as chairman, a role he values, so it’s improbable he would resign prematurely.… pic.twitter.com/DBihpCeLjY
— Eleanor Terrett (@EleanorTerrett) April 19, 2024
“The White House had no comment on the situation,” Terret stated.
This information comes after speculation earlier this week that SEC chairman Gary Gensler might resign soon, following a Twitter thread he posted on Tuesday that resembled a farewell message.
Several congress members who support cryptocurrency, including Tom Emmer, have urged Gensler to step down due to his adversarial approach to the industry and his inability to sufficiently safeguard investors from genuine bad actors.
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During his tenure, the agency has initiated numerous enforcement actions against leading crypto companies, accusing them of violating securities laws, while those companies assert that the regulator’s interpretation of the law concerning cryptocurrency is both ambiguous and outdated.
Terret assesses that the chances of Gensler actually resigning during an election year are extremely low, and the likelihood of identifying a nominee to replace him is “virtually impossible.”
Crenshaw’s Perspective on Bitcoin
Crenshaw’s potential departure could hold greater significance for the industry. Unlike Gensler, she voted against the approval of Bitcoin spot ETFs for U.S. markets in January, despite the agency having previously lost a court case on the issue months earlier.
“These Commission actions are unsound and ahistorical,” Crenshaw expressed in a dissenting letter at that time. “And worse, they place us on a misguided path that could further compromise investor protection.”
The commissioner noted that spot Bitcoin ownership is highly concentrated and described the crypto spot markets as a “petri dish” for fraudulent activities.
“If the technology is so revolutionary, why do so many of its applications appear to focus on replicating the existing financial system, albeit with reduced regulation, increased opacity, diminished investor protections, and heightened risk?” she remarked.
The article Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat appeared first on Cryptonews.
