Coinbase CEO Brian Armstrong took to social media to criticize SEC Commissioner Caroline Crenshaw, labeling her a “failure” and calling for her removal from office.
Armstrong’s remarks come as the Senate Banking Committee prepares to vote on Crenshaw’s renomination on December 11, a decision that could extend her tenure until 2029.
“Caroline Crenshaw was a failure as an SEC Commissioner and should be voted out,” Armstrong wrote on X on Sunday.
He cited her opposition to Bitcoin exchange-traded funds (ETFs) and accused her of being “worse” than SEC Chair Gary Gensler, a staunch critic of the industry.
“The Senate Banking Committee should take note – the crypto community is watching this vote,” he added, referencing how pro-crypto organizations such as Stand With Crypto plan to track such decisions on political scorecards.
Crenshaw has been an outspoken critic of crypto, going so far as to describe the SEC’s approval of spot Bitcoin ETFs in January as “unsound and ahistorical.”
Her opposition to these financial products, which are widely viewed as a critical bridge for mainstream crypto adoption, has made her a polarizing figure within the industry.
Bloomberg Intelligence ETF research analyst James Seyffart weighed in on her track record, noting, “She wasn’t just ‘an ally to Gensler’ – she was more vehemently anti-crypto than Gensler. Just read through her dissent letter on the Bitcoin ETF approvals… Lizárraga didn’t even join her on that letter.”
Her dissent has been widely condemned within the crypto community, which views Bitcoin ETFs as a key bridge for mainstream adoption of crypto.
Coinbase President and COO Emilie Choi echoed Armstrong’s sentiments, writing in a December 7 X post, “Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Armstrong has also criticized the SEC’s enforcement strategy, accusing the agency of an “unlawful” campaign against the crypto industry.
He recently severed ties with law firms employing former SEC officials who led enforcement actions during Gensler’s tenure, calling such hirings an “ethics violation.”
The Senate vote on Crenshaw’s renomination comes as the SEC undergoes significant leadership shifts.
Chair Gary Gensler, widely criticized for his enforcement-first regulatory approach, will step down in January 2025. Commissioner Jaime Lizárraga has also announced his resignation.
Pro-crypto advocate Paul Atkins was recently nominated as the next SEC chair, a decision welcomed by industry leaders hoping for better collaboration between regulators and crypto users.
As the vote approaches, Crenshaw’s anti-crypto track record places the Senate Banking Committee at the center of a major decision for the future of crypto regulation in the U.S.
Edited by Stacy Elliott.
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