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On July 29, the Securities and Exchange Commission (SEC) witnessed voting on 13 matters, all of which were related to crypto funds.
Out of the four commissioners at the federal regulatory body, three voted in favor and one voted against all the 13 matters.
Noticeably, those voting in favor—Chair Paul Atkins, Commissioners Hester Peirce, and Mark Uyeda—belong to the Republican Party, and Caroline Crenshaw—the lone member who voted against—belongs to the Democratic Party.
As it is well-known that the Donald Trump administration is pursuing a pro-crypto policy as compared to the Joe Biden administration, it might be tempting to take a close look at Crenshaw's voting patterns.
The votes on July 29 were concerned with amendments related to options, etc. to crypto funds issued by institutional giants such as BlackRock, VanEck, Franklin, Fidelity, Grayscale, Bitwise, ARK 21Shares, etc.
Crenshaw didn't vote in favor of either of them. The action is supposed to delay these proposals.
Terse response to SEC's statement on liquid staking
These votes aren't the only instances of Crenshaw's resistance to crypto products.
When the SEC recently issued a statement that certain liquid staking activities associated with protocol staking don't constitute the sale of securities, she had a terse response.
The latest statement only muddied the water instead of providing any clarity, she said. The statement stacked factual "assumptions" on top of each other without any connection to how the industry actually works, she added. This led to confusion around the legal conclusions contingent upon such assumptions since any staking activity based on different assumptions would fall outside the statement’s scope, she added.
However, that's not all.
Consistently skeptical
When the SEC approved the listing of spot Bitcoin exchange-traded funds (ETFs) in January 2024, she slammed the action as "unsound and ahistorical."
In May, she also raised concerns over the SEC classifying Ethereum and Solana as non-securities while the ETFs linked to them effectively assert that these assets actually are securities.
XRP didn't escape her sharp scrutiny either.
When the SEC and the crypto firm Ripple Labs reached a settlement after a years-long legal battle in May, she said, "This is not a settlement I can support."
Crenshaw's opposition to crypto isn't new and is pretty well-known within the crypto circles. It is obvious the industry isn't fond of her. Tyler Winklevoss, the billionaire co-founder of the Gemini crypto exchange, once remarked that the Democrats have a "crypto derangement syndrome."
The criticism doesn't seem to have deterred Crenshaw, and she continues to be the lone wolf opposing the crypto policy of the SEC administration.
This article has been published in thestreet.com via Yahoo News.
'Lone wolf' at SEC keeps voting against crypto
SEC Commissioner Caroline Crenshaw isn't very supportive of the current crypto policy.
finance.yahoo.com
