Overview
The Cedar Innovation Foundation and several other crypto groups are vigorously campaigning against the re-nomination of Commissioner Caroline Crenshaw for another term at the Securities and Exchange Commission (SEC). These organizations view her as a barrier to the growth and regulation of the crypto industry.
Key Points
- Caroline Crenshaw is seen as an opponent by various crypto factions, particularly due to her past criticisms of the crypto market, labeling it as a 'petri dish' of fraud.
- The U.S. Senate Banking Committee is scheduled to take up her nomination, prompting various organizations, including the Blockchain Association, to intervene by sending letters urging rejection.
Digital Campaign
A digital advertising campaign has been launched by the Cedar Innovation Foundation, claiming that Crenshaw is 'even more extreme' than SEC Chair Gary Gensler. This follows Crenshaw's position of being the only Democrat in a predominantly Republican SEC.
Opposition from Congress
Organizations like the Blockchain Association have expressed concerns about Crenshaw's approach to regulatory policies. Senator Tim Scott has also publicly called for President Joe Biden to reconsider his nominations, following the mid-term elections.
As the political landscape shifts, the future of crypto regulation hangs in the balance, especially with significant campaign spending being directed against democratic incumbents who are viewed as roadblocks to industry interests.
