President Joe Biden Renominates Anti-Crypto SEC Commissioner Caroline Crenshaw

Highlights

Joe Biden renominates Democrat Caroline Crenshaw for a second term as SEC Commissioner.
Biden's contradictory actions has led to a strong backlash from the crypto community.
Prominent voices from crypto like Ryan Selkis has lashed out at Biden's crypto donations.

On the one hand, the Biden administration has been reaching out to crypto communities for crypto donations, while on the other hand, it continues to appoint people who have been staunchly anti-crypto. In the latest development, President Joe Biden has renominated anti-crypto SEC Commissioner Caroline Crenshaw.

Joe Biden Appoints Anti-Crypto SEC Commissioner

Fox Business reporter Eleanor Terret recently stated that President Joe Biden has announced his intentions to renominate Democrat Caroline Crenshaw to serve as the Commissioner of the U.S. Securities and Exchange Commission for the second term.

During her time in the office, Crenshaw has consistently taken an anti-crypto stance and was staunchly against the approval of the spot Bitcoin ETFs earlier this year in January. some critics argue that she’s even greater advocate of strong crypto policies than her colleague and SEC Chair Gary Gensler. Interestingly, billionaire Mark Cuban recently warned that Gary Gensler and his anti-crypto camp could cost President Biden the next election.

Crenshaw has been typically anti-crypto, voting against the approval of the $BTC spot ETFs. Her critics say she’s even more progressive than @GaryGensler on climate policies. https://t.co/uksDB2I8TF

— Eleanor Terrett (@EleanorTerrett) June 13, 2024

After Donald Trump’s strong support for crypto during his recent campaigns, the Biden administration has been making a desperate move to reach out to the crypto community during recent weeks. After cracking down on a number of crypto firms, the Biden administration is now seeking donations from the crypto community.

Community Backlash Unleashes

The recent reach-out by President Joe Biden to the crypto community has met with community backlash. Moreover, the recent dual stands from the Biden administration make the crypto community question whether he’s actually pro-crypto or just pretending to be for the sake of the elections.

Ethereum contributor Anthony Sassal wrote: “Biden wants to accept crypto donations yet his SEC buddies are suing the biggest U.S based crypto companies (Coinbase, Kraken, Uniswap Labs)”.

Ryan Selkis, founder of Messari Crypto, has also expressed strong disapproval of any crypto donations to political campaigns before any concessions or policy reversals are made. Selkis stated: “I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth”.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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