A cryptocurrency-related organization has initiated a digital campaign to thwart Caroline Crenshaw’s renomination to the US Securities and Exchange Commission. The Cedar Innovation Foundation, which advocates for pro-crypto policy, has invested significant resources in a multichannel effort to persuade US senators to oppose Crenshaw’s confirmation for a second term.
The foundation accused Crenshaw of being “more anti-crypto” than SEC Chairman Gary Gensler, particularly in terms of rules affecting spot Bitcoin exchange-traded funds (ETFs). Cedar argued that Crenshaw’s viewpoint contradicts the pro-innovation feeling exhibited by voters in the 2024 election.
By December 11, the Senate Banking Committee will vote on Crenshaw’s re-nomination. If confirmed, she may serve until at least 2029. Former President Trump appointed Crenshaw in 2020, and she is currently serving an extended term following the end of her formal tenure in June 2024. President Joe Biden nominated her for a second term in June 2024, but the forthcoming elections postponed the vote.
This initiative by the Cedar Innovation Foundation emphasizes cryptocurrency’s rising influence in US politics, particularly as the industry strives to change regulatory frameworks. The foundation’s effort comes amid mounting concerns about SEC policies and their impact on the future of the cryptocurrency sector in the United States.
