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Digital Chamber, argued in a letter to committee members that Crenshaw — in her dissent on spot bitcoin ETFs — cited outdated studies and ignored the industry’s maturity.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

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

What was a cool $500,000 would now be worth more than $7 million

article-image

Mersinger’s final day at the CFTC will be May 30

article-image

Squads CEO Stepan Simkin explained why the firm launched Altitude and how he’s thinking about stablecoins

article-image

Sponsored

Instead of endless wallet popups, users could connect once, set clear rules, and delegate permission to an app or to an AI agent.

article-image

Prediction markets show that people bet in anticipation of things happening far too often

article-image

The agency’s final deadline is in October