Crypto Community Celebrates As Caroline Crenshaw Loses Renomination Bid

Caroline Crenshaw will not be returning as an SEC Commissioner, as her term officially ends in January. The Senate Banking Committee has decided not to re-nominate her, and with her departure, along with Gary Gensler also resigning, the United States SEC could drastically alter their approach to crypto going forward.

Prominent figures in the crypto industry, such as Tyler Winklevoss, are already celebrating the departure, with Winklevoss calling it a roadblock removed and stressing the need for clearer rules and regulations going forward.

A Legacy of Opposition

Throughout her tenure, Crenshaw aligned herself closely with Gary Gensler and his hardline stance on cryptocurrency regulation. The crypto industry even went as far as spending millions on lobbying efforts to block her re-nomination, which ultimately succeeded.

The push against Crenshaw was also not just limited to the lobbying arena, as several crypto-friendly Republican senators played a significant role in ensuring she would not be reappointed. Although some Democrats like Senator Sherrod Brown tried to defend Caroline, going as far as calling the lobbying efforts against her a disgusting smear campaign, they were ultimately unsuccessful.

Looking Ahead

With both Crenshaw and Gensler leaving, the SEC is already undergoing a noticeable shift. The incoming administration under President-elect Donald Trump is expected to take a much more crypto-friendly approach. Paul Atkins, a known advocate for cryptocurrency, is set to become the new SEC Chair.

There is also speculation about who will replace Crenshaw. Names such as Chris Brummer and TuongVy Le are being discussed, with Brummer gaining the most support. If he is appointed, it would send a clear signal that the SEC may finally begin collaborating with the crypto industry rather than opposing it.