- Brian Armstrong opposes SEC’s Crenshaw, citing restrictive crypto policies and ETF disapproval.
- Senate vote on Crenshaw’s renomination crucial for crypto’s regulatory future and policy direction.
- Pro-crypto shift under Trump sparks hope for favorable regulations, reshaping the crypto landscape.
As the U.S. Senate Banking Committee prepares to vote on December 11 on Caroline Crenshaw’s renewal to the Securities and Exchange Commission (SEC), Coinbase CEO Brian Armstrong has voiced strong opposition.
Armstrong described Crenshaw’s position as overly restrictive toward crypto innovations and has urged the committee to reject her renomination. The crypto community is closely monitoring the outcome of this vote, as it could impact the industry’s regulatory environment.
Brian Armstrong has been vocal about his dissatisfaction with Crenshaw’s stance on crypto regulations, calling her tenure a “failure.” In a recent statement on the social media platform X, Armstrong highlighted Crenshaw’s opposition to the approval of spot Bitcoin ETFs.
According to Armstrong, Crenshaw’s approach was even more restrictive than SEC Chair Gary Gensler, whom the crypto community has repeatedly criticized for his strict policies. This criticism comes at a time when Bitcoin ETFs have seen remarkable success. With over $34 billion in inflows reported in 2024, these ETFs have become an industry achievement.
BlackRock’s iShares Bitcoin Trust ETF recently crossed $50 billion in Assets Under Management (AUM), coinciding with Bitcoin’s price reaching an all-time high of $104,000.
Implications for the Senate Banking Committee Vote
The Senate Banking Committee’s decision on Crenshaw’s renomination will determine whether she serves on the SEC until 2029. However, Armstrong pointed out that the vote will be a key factor in the “Stand with Crypto” scorecards, a tool used to evaluate lawmakers’ support for crypto-friendly policies.
Additionally, the Coinbase CEO has stressed that the crypto community is closely watching this decision, signaling its broader implications for the industry’s regulatory framework.
Armstrong’s statements also come after a broader shift in crypto policy discussions following Donald Trump’s election victory. Reports indicate that the incoming administration is considering appointing pro-crypto candidates to key regulatory roles. Armstrong has warned firms against employing individuals associated with anti-crypto policies, signaling Coinbase’s intent to distance itself from such actors.