Coinbase CEO Brian Armstrong took to social media to criticize SEC Commissioner Caroline Crenshaw, calling her a “failure” and asking her to be fired from office.
Armstrong's comments come as the Senate Banking Committee prepares to vote on Crenshaw's nomination on Dec. 11, a decision that could extend her term through 2029.
“Carolyn Crenshaw was rejected as SEC commissioner and should be voted out,” Armstrong wrote on X on Sunday.
Citing her opposition to Bitcoin exchange-traded funds (ETFs), she accused her of being “worse” than SEC Chairman Gary Gensler, a staunch critic of the industry.
“The Senate Banking Committee needs to pay attention – the crypto community is watching this vote,” he added, noting how pro-crypto organizations like Stand With Crypto track such decisions on political scorecards.
Crenshaw is an outspoken critic of crypto, going so far as to call the SEC's approval of the spot Bitcoin ETF in January “unhealthy and historic.”
Her opposition to these financial products, which are widely seen as a critical bridge to mainstream crypto adoption, has polarized the industry.
Bloomberg Intelligence ETF research analyst James Seifert weighed in on her story, saying, “She wasn't just a ‘Gensler partner' — she was more anti-crypto than Gensler. Read her protest letter on Bitcoin ETF approvals… Lizarraga didn't even join in that letter.
Her dissent was widely condemned in the crypto community, which sees the Bitcoin ETF as a key bridge to mainstream crypto adoption.
Coinbase President and COO Emily Choi echoed Armstrong's sentiments, writing in a Dec. 7 X post, “Carolyn Crenshaw is anti-crypto. She also shamefully opposed Bitcoin ETFs. The SEC needs to change.
Armstrong criticized the SEC's enforcement strategy, calling the agency an “illegal” campaign against the crypto industry.
He recently cut ties with law firms that hired former SEC officials who led enforcement actions during Gensler's tenure, calling such hires an “ethical breach.”
The Senate's vote on Crenshaw's nomination comes as the SEC undergoes major leadership shifts.
Chairman Gary Gensler, who has been widely criticized for his enforcement-first approach to regulation, will step down in January 2025. Commissioner Jaime Lizaraga also announced his resignation.
Pro-crypto activist Paul Atkins was recently chosen as the next SEC chairman, a decision welcomed by industry leaders in hopes of better cooperation between regulators and crypto users.
As the vote nears, Crenshaw's anti-crypto track record puts the Senate Banking Committee on a big decision on the future of crypto regulation in the United States.
Edited by Stacy Elliott.
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