📰 Table Of Contents
SEC Commissioner’s Potential Exit
A member of the Securities and Exchange Commission (SEC) who has been critical of Bitcoin and crypto may lose her position at the agency’s high table on June 5, according to government records.
Background Information
Commissioner Caroline A. Crenshaw and Commissioner Hester M. Peirce were sworn into their positions on August 17, 2020. Both commissioners have terms that are set to expire on June 5, which is less than 50 days away.
Uncertainty Surrounding Replacement
Recent White House statements and nominations do not indicate any potential nominees to fill Crenshaw’s position after her term ends. The White House has not provided any comments on this matter.
Rumors and Speculations
There have been rumors circulating about SEC chairman Gary Gensler possibly resigning, especially after a recent Twitter thread that hinted at a potential departure. However, the likelihood of Gensler resigning during an election year is considered slim, and finding a replacement nominee is deemed “virtually impossible” by some analysts.
Industry Impact
Crenshaw’s potential exit could have significant implications for the crypto industry. Unlike Gensler, she previously voted against approving Bitcoin spot ETFs for U.S. markets, citing concerns about investor protection and fraudulent activities in the crypto spot markets.
Crenshaw’s Stance on Bitcoin
In a dissenting letter, Crenshaw criticized the Commission’s actions related to Bitcoin, expressing concerns about the concentration of spot Bitcoin ownership and the prevalence of fraudulent behavior in the crypto markets. She questioned the revolutionary nature of the technology and highlighted the risks associated with less regulation and investor protection.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
