According to government records, a member of the Securities and Exchange Commission (SEC) known for her strong criticism of Bitcoin and cryptocurrencies may be stepping down from her senior position on June 5.
The SEC’s website states that Commissioner Caroline A. Crenshaw took office together with Commissioner Hester M. Peirce, also known as “Crypto Mom,” on August 17, 2020. The terms for both commissioners are set to end on June 5, which is less than 50 days away.
SEC Commissioner Approaches End Of Term
Fox Business journalist Eleanor Terret reports that recent statements and nominations from the White House do not indicate any moves to nominate a successor for SEC Commissioner Caroline A. Crenshaw, or anyone else, after her term concludes.
“The White House had no comment on the matter,” stated Terret.
This information emerges amidst speculations that SEC Chairman Gary Gensler might resign soon, following a Twitter thread he posted on Tuesday that seemed to hint at a farewell.
Several congressmen who support cryptocurrency, including Tom Emmer, have urged Gensler to step down due to his aggressive stance towards the industry and his failure to effectively protect investors from its major malefactors.
Under Gensler’s leadership, the agency has initiated numerous enforcement actions against leading crypto companies, accusing them of violating securities laws. These companies argue that the regulator’s interpretation of the law regarding cryptocurrencies is both ambiguous and outdated.
Terret assesses that the likelihood of Gensler resigning during an election year is extremely low, and finding a nominee to replace him is “virtually impossible.”
Crenshaw’s Views On Bitcoin
Commissioner Caroline A. Crenshaw’s potential departure from the Securities and Exchange Commission (SEC) could significantly impact the cryptocurrency industry. Unlike Chairman Gary Gensler, she voted against approving Bitcoin spot Exchange-Traded Funds (ETFs) for the U.S. markets in January, despite the SEC previously losing a related court case.
In her dissenting letter, Crenshaw criticized the Commission’s decisions as “unsound and ahistorical,” expressing concern that such actions deviate from a path that safeguards investor interests. “These Commission actions… put us on a wayward path that could further sacrifice investor protection,” she wrote.
Crenshaw also highlighted issues within the cryptocurrency market itself, describing the spot Bitcoin market as highly concentrated and likening the crypto spot markets to a “petri dish” of fraudulent activity. She questioned the revolutionary nature of the technology, pointing out that many of its applications seem focused on mimicking the existing financial system but with less regulation, greater opacity, reduced investor protections, and increased risk.
