Brian Armstrong, CEO of Coinbase, called on the U.S. Senate Banking Committee to vote against the reelection of SEC Commissioner Caroline Crenshaw. Armstrong criticized Crenshaw’s negative stance towards the cryptocurrency sector, stating that she is even stricter than SEC Chair Gary Gensler.
Crenshaw’s Stance on Bitcoin ETFs
Armstrong expressed that Crenshaw has previously attempted to block the approval of spot Bitcoin 
$93,400 ETFs and has been tougher than Gensler on some issues. Despite these criticisms, Bitcoin ETFs successfully launched in 2024, surpassing $34 billion in inflows. Additionally, BlackRock’s iShares Bitcoin Trust ETF achieved a significant milestone by exceeding $50 billion last week.
Voting Process in the Senate Banking Committee
On Wednesday, December 11, the Senate Banking Committee will vote on the reelection of Democrat Caroline Crenshaw as SEC Commissioner. If approved, Crenshaw will serve on the committee until 2029. If the Senate rejects the nominee, former President Trump’s administration may suggest a new candidate in her place.
Armstrong’s Perspective on Crypto Policies
Following Donald Trump’s victory, Armstrong has become a strong advocate for policies supporting the cryptocurrency sector. The Trump team is also moving in a similar direction by appointing pro-crypto candidates for the upcoming term. Last week, Armstrong announced that they would stop working with law firms that hire individuals with anti-crypto backgrounds.
Armstrong also played a significant role by releasing letters regarding the FDIC’s “Operation Choke Point 2.0.” These letters demonstrate that the FDIC instructed banks in 2022 to suspend or restrict services to cryptocurrency businesses.
“Crenshaw tried to block Bitcoin ETFs and was worse than Gensler in some areas.” – Brian Armstrong
The cryptocurrency community is closely monitoring the decisions of the Senate Banking Committee. The upcoming vote on Crenshaw’s future role will affect the “Stand with Crypto” ratings used to assess political support for the sector.
Armstrong’s criticisms and Coinbase’s policy changes are significant indicators for the future of the regulatory environment in the cryptocurrency sector. The industry is expected to closely watch developments during this process to shape its strategies.
