Crenshaw declined to be appointed as SEC chairman, XRP supporters celebrate
Great news for the crypto industry: SEC Commissioner Caroline Crenshaw will not be re-elected. According to Fox Business' Eleanor Terrett, a Senate aide confirmed that the Senate Banking Committee's scheduled vote on her nomination had been canceled. Crenshaw, who is known for her anti-crypto stance, opposed the approval of the Bitcoin spot ETF, issuing a protest.
This victory is seen as a step forward for the crypto community, with many expecting a pro-crypto shift at the SEC under new leadership. Crypto advocates flooded the Senate with 107,000 emails opposing Crenshaw's nomination, demonstrating the strength of the industry's voice. Senator Cynthia Lammis also predicted that 2025 will be a major year for Bitcoin and digital assets, with David Sachs serving as crypto czar.
In the year Crenshaw, who was appointed to the SEC by the Trump administration in 2020 and later appointed by President Biden, is a strong ally of SEC Chairman Gary Gensler. She is considered more anti-crypto than Gensler, particularly for her opposition to key crypto policies.
With Crenshaw not being elected as SEC chairman, it greatly increases the likelihood that the SEC will not continue its investigation of Ripple Labs. This opens the door for President Trump to appoint a new person, which may be more favorable for the crypto space.
Why hasn't the Crypto market responded?
When an X user commented that one would expect this news to affect the market, attorney Fred Rispoli responded: “These kinds of moves are just plain wrong, and only really dialed-in crypto people are following them.” It takes 1-2 days to hit in a wide fashion.
