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The current SEC chair was the sole dissenting vote against a lawsuit filed against Elon Musk for failing to disclose a significant Twitter stock purchase in a timely manner. The vote was 4-1, with three Democrats and Republican Hester Peirce supporting the action, while Mark Uyeda, who later became acting chair, raised concerns about the lawsuit's motivations and penalties. The case is ongoing, with Musk recently receiving a summons to respond.
Coinbase achieved a partial legal victory as the U.S. Court of Appeals for the Third Circuit ruled that the SEC's rejection of its 2022 petition for clearer crypto regulations was "arbitrary and capricious." The court ordered the SEC to provide a more detailed justification for its decision but did not require the creation of new rules for digital assets. This ruling highlights ongoing scrutiny of the SEC's enforcement-heavy approach, which has faced criticism for lacking clear regulatory guidelines in the rapidly evolving crypto industry. In a related case, Gemini Trust Company LLC was fined $5 million for misleading the CFTC, underscoring the regulatory pressures on crypto firms. The ruling also coincides with anticipated changes in SEC leadership, which may lead to a more favorable stance towards digital assets.
Coinbase has secured a stay order in its legal battle with the SEC, as Judge Katherine Failla approved an interlocutory appeal, pausing proceedings until the Second Circuit reviews the case. The lawsuit questions whether certain cryptocurrency transactions on Coinbase qualify as securities under U.S. law, with Coinbase arguing that the assets do not meet this definition. The ongoing legal uncertainty is further complicated by conflicting court rulings, including the Ripple case, and potential shifts in SEC leadership that may influence future regulatory approaches.
Michael Barr, the Federal Reserve's Vice Chair for Supervision, announced his resignation effective February 28, a move seen as favorable by crypto advocates amid a shift towards pro-digital asset policies. His departure follows SEC Chair Gary Gensler's impending resignation, signaling a potential change in regulatory attitudes towards the crypto industry as the U.S. prepares for a pro-crypto administration under President-elect Trump. Industry insiders express hope that these changes will alleviate the challenges faced by crypto businesses in accessing banking services.
US lawmakers in the Senate Banking Committee have canceled a session to vote on Caroline Crenshaw's nomination for a second term at the SEC, making her confirmation before Republicans take control in January increasingly unlikely. Crenshaw, who has served under both Trump and Biden, faces opposition from crypto interest groups labeling her as "more anti-crypto" than SEC Chair Gary Gensler. If not confirmed, she may be replaced or her seat left vacant before 2026.
US lawmakers are making a final push to confirm Caroline Crenshaw for another term at the SEC before Democrats lose control in January. The Senate Banking Committee, led by Sherrod Brown, has scheduled a vote for Dec. 18 after delays attributed to Republican opposition linked to corporate interests, particularly from the cryptocurrency sector. Crenshaw, who has served since 2020, faces criticism for her stance on crypto regulations, and her confirmation is crucial as the SEC may shift to a Republican majority with potential changes in leadership.
TD Cowen predicts that the SEC will likely proceed with crypto regulations without Democratic commissioners in the new year, following the departures of Chair Gary Gensler and Commissioner Jaime Lizárraga. Commissioner Caroline Crenshaw, the only remaining Democrat, faces challenges in her renomination, which could lead to an all-Republican commission under Chair Paul Atkins. This shift may expedite rule-making but poses risks to bipartisan support, potentially affecting the stability of future crypto regulations.
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.
Avalanche has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 investment firms participating. This funding aims to support the upcoming launch of the Avalanche9000 upgrade, which seeks to significantly reduce transaction costs and enhance application deployment on the layer-1 blockchain.In a separate development, the renomination vote for SEC Commissioner Caroline Crenshaw has been postponed, amid criticism from crypto advocacy groups regarding her stance on regulatory policies. The delay raises the possibility of a Republican-majority SEC following the upcoming presidential transition.
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.
Jaime Lizárraga
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