Caroline Crenshaw would not be returning as an SEC Commissioner. Her term is officially ending in January. The Senate Banking Committee has decided not to Re-nominate her. This feels like a big win for crypto people. Crenshaw has been a huge critic of cryptocurrency and often clashed with the industry. Now, with her departure and resignation of Gary Gensler, things could be very different at the SEC.
Crenshaw’s Anti-Crypto Legacy
Crypto people would be happy as Caroline Crenshaw’s SEC term ends. She was not exactly a favorite in the space. Her close relations with Gary and following his vision of a tough stance towards crypto made her the target for criticism. As a fun fact, the crypto industry poured millions into lobbying efforts to block her renomination, and it worked. People from the crypto industry spend huge funds to support candidates who align with industry goals.
This influence didn’t stop with campaigns. Crypto-friendly Republican senators also pushed hard to ensure Crenshaw wouldn’t continue her role.
Even Democrats felt the heat. Sherrod Brown, one of Crenshaw’s supporters, lashed out at the crypto industry, calling their lobbying efforts a “disgusting smear campaign.” But it wasn’t enough to save her spot.
What Happens Now?
With Crenshaw leaving and Gensler stepping down in January, things are already shifting. President-elect Donald Trump’s administration is shaping up to be much more crypto-friendly. Paul Atkins, who’s known for his pro-crypto views, will take over as SEC Chair.
There’s also talk about who might replace Crenshaw. Names like Chris Brummer and TuongVy Le are being floated. Brummer, a blockchain expert, seems to have the strongest backing, but nothing is confirmed yet. If he’s chosen, it would send a clear message: the SEC might finally be ready to work with the crypto industry instead of fighting against it.
What’s Next
This feels like a turning point. For years, crypto companies have been calling for clearer regulations. Now, they might actually get them. Big names in the industry, like Tyler Winklevoss of Gemini, are already celebrating. He called Crenshaw’s departure “a roadblock removed” and emphasized the need for clear rules.
The U.S. has lagged behind other countries in embracing crypto. But with these changes, that could change fast. The next few months will be crucial in determining whether the U.S. becomes a global leader in digital assets—or stays stuck in the past.
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