As the US Senate Banking Committee prepares to vote on the reappointment of SEC Member Caroline Crenshaw, ConsenSys attorney Bill Hughes criticized Crenshaw’s stance on cryptocurrency regulations.
Crenshaw and the Crypto Objection
Bill Hughes stated that Crenshaw’s stance on cryptocurrency regulations runs counter to the industry’s forward-looking policies. Crenshaw’s Bitcoin $98,523.4 His opposition to exchange-traded funds (ETFs) has led to widespread criticism from the crypto industry.
Crenshaw argued that the spot Bitcoin ETF is “unsound and ahistorical.”
Crenshaw’s view is seen as a major hurdle by the crypto community. Coinbase CEO Brian Armstrong called Crenshaw’s stance against Bitcoin ETFs “disgraceful.”
James Seyffart stated that Crenshaw’s anti-crypto stance is more vehement than SEC Chairman Gary Gensler. Despite Trump winning the elections, this step taken by the Democrats officially indicates that there may be a conflict between the two parties regarding cryptocurrencies. If the election is successful, Caroline will maintain her position as an opponent of cryptocurrency at the SEC until 2029. Although Trump’s appointments will not give in to pressure from crypto opponents, Trump supporters object to this.
Paul Atkins and the Crypto-Friendly SEC
Paul Atkins, nominated by Donald Trump as SEC Chairman candidate, is seen as a crypto-friendly figure. Atkins’ appointment heralds a more collaborative approach to crypto regulations.
Atkins advocates market-oriented regulations that do not stifle innovation. This represents a different approach from previous SEC leader Gary Gensler’s aggressive actions against crypto companies.
The vote in the Senate Banking Committee is seen as an important step that will determine the future of the SEC’s cryptocurrency policies. Although Crenshaw’s reappointment does not lead to the continuation of stricter policies at the SEC, “Is this still going to happen despite Trump’s election?” It makes you say.
The SEC’s reappointment of Caroline Crenshaw could be a critical juncture for the crypto industry. Bill Hughes’ criticisms are sparking significant debate about the future of crypto regulations. The possible appointment of Paul Atkins is considered a harbinger of a more positive regulatory environment.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
