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The Senate Banking Committee will vote on SEC Commissioner Caroline Crenshaw's renomination next Wednesday after a previous postponement due to procedural conflicts. Crenshaw faces significant opposition from the crypto industry for her stringent regulatory stance, particularly her dissent against spot Bitcoin ETFs, which has intensified backlash as Congress nears adjournment. Despite this, over 40 labor and civil society organizations support her confirmation, warning that failure to do so could lead to a lack of diverse political viewpoints within the SEC.
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.
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.
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.
Judges have consistently ruled that cryptocurrencies like XRP are securities, a stance Ripple CEO Brad Garlinghouse disputes, arguing for clearer regulations tailored to digital assets. The bipartisan FIT21 bill aims to shift some regulatory authority from the SEC to the CFTC, addressing gaps in oversight while ensuring consumer protections. Despite skepticism from major financial figures, Garlinghouse emphasizes the need for a supportive regulatory environment to foster innovation in the U.S. crypto market.
In the 2024 election, the cryptocurrency industry significantly influenced outcomes, contributing $48 million to political action committees that supported pro-crypto candidates. Ripple CEO Brad Garlinghouse noted that crypto-backed super PACs played a crucial role in educating voters, leading to victories for 85% of the 62 candidates backed by the industry. The push for clearer regulatory frameworks continues, with bipartisan support for legislation like FIT21, which aims to shift more regulatory authority to the CFTC.
The crypto industry is expressing frustration over the potential renomination of SEC commissioner Caroline Crenshaw, known for her strong opposition to cryptocurrencies and Bitcoin ETFs. Coinbase COO Emilie Choi labeled her "anti-crypto," while industry figures criticize her past actions, including defying a federal judge's order regarding ETF approvals. In contrast, the recent appointment of pro-crypto Paul Atkins as SEC chair is seen as a positive shift for the industry.
Incoming Ohio Senator Bernie Moreno, a Republican and former luxury car dealer, criticized the $7,500 EV tax credit as "catastrophically stupid," advocating for a market-driven approach to vehicle choice. He argued that the government should not dictate corporate strategies and emphasized that consumer preferences should guide the automotive industry. As automakers scale back EV plans amid declining demand, Moreno called for a regulatory environment that allows the marketplace to thrive without government intervention.
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
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senate to vote on sec commissioner crenshaw amid crypto industry backlash
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