Why Coinbase CEO Wants Caroline Crenshaw Out Of Senate Banking Committee?

As the Senate Banking Committee prepares to vote on the renomination of anti-crypto SEC Commissioner Caroline Crenshaw, Coinbase CEO Brian Armstrong has shared his strong opinion on the matter. In a strong-worded message on the X platform, Armstrong stated that Crenshaw is far worse than SEC Chair Gary Gensler on some matters.

Coinbase CEO Criticizes SEC Commissioner Caroline Crenshaw

Coinbase CEO Brian Armstrong has sharply criticized former SEC Commissioner Caroline Crenshaw, calling her tenure a “failure”. He even urged the Senate Banking Committee to vote against her potential reappointment.

Armstrong noted that Crenshaw opposed the approval of spot Bitcoin ETFs in the past, even more intensely than Gary Gensler. “She tried to block the Bitcoin ETFs and was worse than Gensler on some issues (which I didn’t think was possible),” Armstrong stated.

However, Bitcoin ETFs have indeed turned out to be one of the most successful ETF launches in 2024 with more than $34 billion in inflows so far. Also, BlackRock’s iShares Bitcoin Trust ETF (IBIT) also crossed more than $50 billion in AUM last week in a significant milestone, as the BTC price rallied all the way to its all-time high of $104K.

The Coinbase chief also warned that the crypto community is closely monitoring the Senate Banking Committee’s decisions, noting that the vote on Crenshaw’s future role will influence the “Stand with Crypto” scorecards used to evaluate political support for the industry.

On Wednesday, December 11, the Senate Banking Committee will vote on the re-nomination of Democrat Caroline Crenshaw as an SEC Commissioner. If confirmed, Crenshaw will serve on the commission until 2029. However, if the Senate rejects her nomination, former President Trump could have the opportunity to nominate a replacement.

Brian Armstrong on Crypto Policies

Following the victory of Donald Trump, Brian Armstrong has been vocal about building conducive crypto policies to foster innovative spirits in the industry. The Trump team has also been working on a similar line while appointing several pro-crypto candidates for the next term.

Last week, Coinbase CEO Brian Armstrong issued a strong statement to crypto firms that have hired individuals with anti-crypto backgrounds. He stated that Coinbase would cease working with law firms that employ individuals from the outgoing administration of the US SEC.

Besides, the exchange also played a crucial role by releasing the letters of the FDI, which was instrumental in anti-crypto Operation Choke Point 2.0. The letters, acquired through a Freedom of Information Act (FOIA) request, indicate that in 2022, the FDIC directed banks to suspend or restrict services to cryptocurrency businesses.