Crypto industry sounds off on SEC’s Crenshaw ahead of vote

Some have called Commissioner Caroline Crenshaw even more anti-crypto than Gensler

article-image

Tada Images/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


The Senate Banking, Housing and Urban Affairs Committee on Wednesday is set to vote on whether Caroline Crenshaw will remain an SEC commissioner.  

While the crypto industry has criticized SEC Chair Gary Gensler, crypto lobbyist group Cedar Innovation Foundation (and others) have called Crenshaw even more anti-crypto than him.

Coinbase’s Emilie Choi last week pointed out that Crenshaw “embarrassingly” opposed spot bitcoin ETFs. Those have amassed combined net inflows of $33.9 billion and counting.

Indeed, Crenshaw called the SEC’s approval of the products in January “unsound and ahistorical” — adding “they put us on a wayward path that could further sacrifice investor protection.”

Cody Carbone, president of The Digital Chamber, argued in a letter to committee members that Crenshaw — in her dissent on spot bitcoin ETFs — cited outdated studies and ignored the industry’s maturity. 

Judges ruled in August 2023 that the SEC had arbitrarily and capriciously denied such products after greenlighting bitcoin futures funds.

Crenshaw was sworn in as an SEC commissioner in Aug. 2020. Carbone pointed out what many have before: During her tenure, “the agency leaned heavily on a regulation-by-enforcement approach, creating an unpredictable environment that has stifled innovation and undermined investor confidence.”

I asked a representative for Crenshaw whether the commissioner has had any change of heart on bitcoin ETFs or the crypto space more broadly. I did not get an immediate response. 

Gensler said last month he would depart the SEC on Jan. 20 (Inauguration Day). Fellow Democrat Commissioner Jaime Lizárraga is also set to leave the agency that day. 

That leaves crypto-friendly Hester Peirce and Mark Uyeda as commissioners — with terms ending in 2025 and 2028, respectively. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

Crypto is a business — and it might be winner-takes-most

article-image

How a political refugee turned NFT trader is giving back to his alma mater

article-image

July 9 is approaching. Here are the deals on the table (that we know of)

article-image

The trading app will appear on jerseys and in a dedicated financial web series as part of its EU crypto expansion

article-image

Trading on OTC Markets since 2019, the Grayscale Digital Large Cap Fund currently holds BTC, ETH, SOL, XRP and ADA