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Interest groups, including Public Citizen, are urging the US Senate to confirm Caroline Crenshaw for a second term at the SEC before the new Congress begins. With the potential for a Republican majority, the confirmation window is narrow, as Crenshaw could be the last remaining Democrat at the agency after key departures. Critics from the crypto industry are opposing her nomination, citing her previous votes against crypto-related initiatives.
A Senate committee vote to re-nominate SEC Commissioner Caroline Crenshaw has been postponed, leaving her future uncertain. The delay, attributed to Republican opposition, raises the possibility of a Republican majority at the SEC following the upcoming Trump administration. Current SEC Chair Gary Gensler will depart on January 20, 2025, and Crenshaw's critics within the crypto industry are vocal about their desire for her removal.
SEC Commissioner Hester Peirce has outlined three key steps for the Trump administration to support the crypto industry: cease hindering access to essential services, clarify which assets fall outside SEC jurisdiction, and collaborate with crypto firms to adapt existing regulations. Peirce emphasizes the need for public engagement in this process to foster a more favorable regulatory environment. Her comments come amid criticism of SEC Chair Gary Gensler's aggressive enforcement actions against major crypto firms.
[SEC]
SEC Commissioner Hester Peirce has called for reforms in the crypto sector under President-elect Trump, emphasizing the need to halt restrictive practices like “Operation Chokepoint 2.0” that limit crypto firms' access to banking services. She advocates for clearer definitions of the SEC's regulatory scope regarding digital assets and encourages collaboration between regulators and crypto companies to adapt existing rules. Peirce believes that open dialogue can lead to swift progress in establishing a more supportive regulatory environment.
Goldman Sachs CEO David Solomon indicated the firm is open to engaging in Bitcoin and Ethereum, contingent on changes in regulatory frameworks. While the bank has developed infrastructure for digital assets and offers consultancy services, legal constraints currently prevent direct trading. Solomon noted that a favorable regulatory environment could prompt the firm to expand its involvement in the cryptocurrency market.
Crypto advocacy groups, including the Blockchain Association and DeFi Education Fund, have opposed the re-nomination of SEC Commissioner Caroline Crenshaw, citing her negative stance on cryptocurrency and actions that undermine Congress's regulatory mandate. Crenshaw, a Biden appointee, dissented on the approval of spot Bitcoin ETFs, aligning with the SEC's critical approach to the industry. The U.S. Senate Banking Committee is set to vote on her re-confirmation, which could extend her term until 2029.
Paul Atkins is poised to replace Gary Gensler as chair of the SEC, sparking optimism in the crypto industry. Known for his understanding of cryptocurrencies, Atkins may initiate a "special study" on digital assets and potentially reshape regulatory frameworks to better align with industry needs. His appointment signals a possible end to the SEC's stringent crypto crackdowns.
Ripple executives have expressed strong support for Paul Atkins, nominated by President-elect Donald Trump to lead the SEC, anticipating a shift towards a more crypto-friendly regulatory environment. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty believe that Atkins, alongside commissioners Hester Peirce and Mark Uyeda, will restore common sense and investor protection to the agency, moving away from the stringent policies of outgoing Chair Gary Gensler. This leadership change is seen as a pivotal moment for fostering innovation and economic growth in the digital asset space.
Hester Peirce
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
interest groups urge senate to confirm caroline crenshaw to sec
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22:26 12.12.2024
senate committee postpones vote on sec commissioner caroline crenshaw renomination
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06:51 12.12.2024
hester peirce outlines three steps for us regulators to support crypto industry
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23:21 10.12.2024
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crypto groups challenge re-nomination of sec commissioner caroline crenshaw
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22:01 09.12.2024
Paul Atkins nomination sparks optimism for crypto regulation reform
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18:35 09.12.2024
Ripple executives support Trump's SEC nominee signaling potential crypto regulatory shift
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02:30 09.12.2024
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