Cryptocurrency advocacy organization CIFonX has launched a five-figure digital advertising campaign that will appear across all platforms in Washington, DC. The ad urges lawmakers to vote against SEC Commissioner Caroline Crenshaw, who has been labeled more anti-cryptocurrency than Gary Gensler. The Senate Banking Committee is scheduled to vote on her reappointment on Wednesday, after which she could serve out a term until 2029.
Cryptocurrency advocacy group Cedar Innovation Foundation (CIFonX) and several industry leaders have called for the renomination of Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw, who reportedly opposed the approval of a Spot Bitcoin ETF in January. are rallying against.
Crypto community moves against Democratic SEC Commissioner Caroline Crenshaw
The crypto community has expressed disapproval of SEC Commissioner Caroline Crenshaw's re-nomination ahead of Wednesday's Senate vote.
The Senate Banking Committee will vote on his reappointment, and if he is reelected, he could serve out his term until 2029.
Crenshaw has been with the agency since taking office in 2020 and has supported strict regulatory measures for the cryptocurrency industry. She was notable for voting against the approval of the Spot Bitcoin ETF in January, one of only two SEC commissioners to vote against it.
This has drawn criticism from top industry leaders and advocacy groups who view her stance on cryptocurrencies as overly restrictive and harmful to innovation.
Coinbase CEO Brian Armstrong previously said the crypto community is “watching this vote” and opposes her reappointment.
The Blockchain Association announced that it had sent a letter to Senate Banking Committee Chair Sheron Brown and Sen. Tim Scott about the issue and opposed her re-election.
The association noted that Crenshaw has not yet shown significant interest in evolving his position on the crypto industry.
Fox Business reporter Eleanor Terret also noted that CIFonX has launched a five-figure digital advertising campaign targeting social media platforms in Washington, D.C. The ad labels Crenshaw as “even more anti-cryptocurrency than Gensler” and urges the Senate to “vote no” on her re-election.
In addition, Jake Cherbinski, Valeant's chief legal officer, pointed to Democrats' plans to fast-track Crenshaw's renomination. He also pointed out the influence of the cryptocurrency industry on the presidential election, calling this move by the Democratic Party a mistake.
