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President Joe Biden plans to retain anti-crypto commissioner Caroline Crenshaw on the US Securities and Trade Fee (SEC) after her first time period expired on June 5.
🚨NEW: @POTUS has simply introduced his intention to renominate Democrat @SECGov Commissioner Caroline Crenshaw to a second time period on the company. pic.twitter.com/zGxnyBIXs5
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
The transfer is a part of a management reshuffle at high US monetary regulatory establishments. Crenshaw, who has served with the SEC since 2020, emerged as an anti-crypto voice throughout her tenure alongside SEC Chair Gary Gensler.
Crenshaw’s Anti-Crypto Tenure on the SEC
Crenshaw is among the two SEC Commissioners who voted in opposition to the approval of spot Bitcoin exchange-traded funds (ETFs) in January.
She stated that criminals use Bitcoin to evade US sanctions and promote ransomware assaults, and that Bitcoin’s spot worth is susceptible to manipulation and fraud.
She added that the SEC, in approving BTC ETFs, is on a “wayward path” to “sacrifice investor safety.”
“I’m involved that these merchandise will flood the markets and land squarely within the retirement accounts of US households who can least afford to lose their financial savings to the fraud and manipulation that seems prevalent within the spot bitcoin markets,” she stated in a assertion.
In 2021, the SEC commissioner voiced disapproval of the decentralized finance (DeFi) sector working in an unregulated house. Whereas DeFi introduced many alternatives, she criticized the sector’s lack of transparency.
Joe Biden Offers Blended Indicators on Crypto
The Biden administration is giving combined alerts about its stance in direction of the crypto trade. In Could, the SEC unexpectedly accredited spot Ether ETFs, a transfer extensively seen as prompted by political issues as presidential rival Donald Trump pivoted in direction of a pro-crypto stance.
However a couple of days later, the crypto group was in an uproar after Biden vetoed a pro-crypto invoice.
The proposed time period extension for Crenshaw comes quickly after studies that the Biden marketing campaign staff was contemplating accepting crypto donations.
Trump although has come out with a strongly pro-crypto stance, saying he needs to be ”crypto president,” accepting marketing campaign donations in crypto, and vowing help for the Bitcoin mining trade.
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