Coinbase CEO Brian Armstrong has voiced his strong viewpoint on the upcoming renomination vote of anti-crypto SEC Commissioner Caroline Crenshaw by the Senate Banking Committee. On the X platform, Armstrong made it clear that, in some respects, Crenshaw is even worse than Gary Gensler, the current chair of the SEC.
Coinbase CEO Slams SEC’s Crenshaw
Coinbase CEO Brian Armstrong has harshly attacked Caroline Crenshaw, describing her time as an SEC commissioner as a ” failure.” He has also begged the Senate Banking Committee to reject her reappointment. According to Armstrong, Crenshaw was even more vehement than Gary Gensler in his previous opposition to the approval of spot Bitcoin ETFs. Armstrong claimed that Gensler was better on several issues than she was and that she had even attempted to restrict Bitcoin ETFs.
Nevertheless, with over $34 billion in inflows thus far, Bitcoin ETFs have proven to be among the most fruitful ETF launches in 2024. As the price of bitcoin surged to a new all-time high of $104,000 last week, another notable milestone was that BlackRock’s iShares Bitcoin Trust ETF (IBIT) surpassed $50 billion in assets under management (AUM).
According to Coinbase’s CEO, the cryptocurrency community monitors the Senate Banking Committee’s decisions about Crenshaw’s future position. The committee’s vote will impact the “Stand with Crypto” scorecards, which measure legislative support for the cryptocurrency business.
Caroline Crenshaw, a Democrat, will be voted back into her position as SEC commissioner by the Senate Banking Committee on Wednesday, December 11. Assuming confirmation, Crenshaw’s term on the commission will extend until 2029. On the other hand, former President Trump may be able to propose a successor if the Senate rejects her candidacy.
Armstrong Pushes Pro-Crypto Policies After Trump Win
In the wake of Donald Trump’s election, Brian Armstrong made no secret his desire to create crypto policies that encourage innovation. The Trump administration has followed a similar strategy, selecting several crypto advocates as nominees for the upcoming term.
Coinbase CEO Brian Armstrong sent a stern message to cryptocurrency companies last week that have employed people with anti-crypto histories. He announced that Coinbase will no longer do business with legal firms that employ former US SEC employees.
Additionally, the exchange was essential in anti-crypto Operation Choke Point 2.0 by disclosing the FDI letters, which played a vital role. The letters, obtained through a FOIA request, show that the FDIC ordered banks to cut off or limit services to cryptocurrency companies in 2022.
Final Thoughts
There is a widening chasm between the bitcoin sector and regulators, as seen in the discussion around Caroline Crenshaw’s reappointment as SEC commissioner. The crypto community calls for leaders who promote innovation and equity in the developing digital economy, and Brian Armstrong’s vocal criticism highlights this demand. The regulatory landscape is poised to be shaped by the next Senate decision, which comes at a key time when Bitcoin ETFs are gaining traction and pro-crypto policies are imminent. Resilience in the industry will depend on coordinated regulatory methods and balanced oversight as Armstrong strives for a more supportive environment.
FAQs
How has Bitcoin ETFs performed in 2024?
Bitcoin ETFs have seen over $34 billion in inflows and helped push Bitcoin to a new all-time high of $104,000.
How does Armstrong want to shape crypto policies under Trump?
Armstrong supports policies that foster innovation and has called for appointing more crypto advocates to key positions.
What was Coinbase's stance on firms with anti-crypto ties?
Coinbase announced it would no longer work with legal firms employing former SEC employees with anti-crypto histories.
