As time winds down for the Senate Banking Committee to decide Crenshaw’s future, the stakes are high.
Ripple Chief Legal Officer (CLO) Stuart Alderoty has shared a rather common opinion about the US Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw. According to a recent post shared via X, Crenshaw’s actions have been more harmful to the crypto industry than even those of SEC Chair Gary Gensler.
Ripple CLO Raises Serious Allegations Against SEC Commissioner
Alderoty noted that the commissioner’s actions speak volumes of her hatred for crypto. Particularly in instances where the courts have taken a stand and declared legal judgments.
In such instances, such as when the court determined that the SEC’s denial of Bitcoin spot exchange-traded funds (ETFs) was “arbitrary and capricious,” Alderoty notes that even Gensler conceded. However, Crenshaw, on the other hand, continued to vote “no,” insisting that the court was wrong.
This type of behavior, as the Ripple CLO says, is a direct challenge to the authority of the judicial system. Alderoty insists that this should never be the case, adding that:
“Unelected bureaucrats are not above the law.”
The timing of this criticism might be worth noting, though. It comes as the Senate Banking Committee is preparing to vote on Crenshaw’s renomination for a second term. Expectedly, this has caused a heated debate and put crypto enthusiasts and industry leaders on edge.
Industry Leaders Unite Against Crenshaw
According to Crenshaw’s critics, her policies have shown that she is undeniably hostile to crypto innovation. So, to this end, blockchain advocacy group The Digital Chamber has urged senators to reject her renomination. The group insisted that a renomination for her is a renomination for her anti-crypto approach. This, of course, would obstruct the progress already made in that area, the group added.
Interestingly, ConsenSys lawyer Bill Hughes shares similar thoughts. Hughes believes that Crenshaw’s reappointment is like taking several steps backward even after the US government recently began to show more support for the crypto sector.
Coinbase CEO Brian Armstrong is another prominent name in the crypto space who has also shared his concerns in this regard. He says Crenshaw’s tenure is a failure, adding that she has been out of touch with the evolving financial landscape.
Meanwhile, the opposing voices are a reflection of the general stance of the broader crypto community. That is, as it concerns the reappointment of Crenshaw. A large part sees Crenshaw as one of those regulators that would rather stifle innovation instead of seeking a balanced approach. A recent FOX report revealed this widespread dissatisfaction, detailing how crypto lobbyists have had it to the brim with the SEC’s current approach.
As time winds down for the Senate Banking Committee to decide Crenshaw’s future, the stakes are high. A vote in her favor could signal continued regulatory hostility. Rejecting her, on the other hand, may just be the start of an even friendlier environment for crypto innovation.
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