Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has ignited a contentious debate by referring to US SEC Commissioner Caroline Crenshaw as “even more rogue than Gensler.” The discourse comes as the Housing and Urban Affairs Committee is gearing up to vote on Wednesday regarding Caroline Crenshaw’s continuation as an SEC commissioner.
President-elect Donald Trump recently put forward the nomination of pro-crypto Paul Atkins to head the US SEC following Gary Gensler’s announcement of the conclusion of his term. However, Commissioner Crenshaw has faced criticism from the crypto industry, which has labeled her as more anti-crypto than Gensler.
In a recent X post, Ripple’s CLO, Stuart Alderoty, expressed his belief that “Crenshaw is, in some ways, even more rogue than Gensler.” He pointed out that Gary Gensler stepped back after a court ruled that blocking Bitcoin spot Exchange-Traded Funds (ETFs) was “arbitrary and capricious.”
Alderoty highlighted that Crenshaw persisted in voting “no” and contended that the court was mistaken in her dissent. He voiced his concerns over the situation, emphasizing that “Unelected bureaucrats are not above the law.”
Recent data reveals that the newly introduced Bitcoin ETFs have amassed over 1.1 million BTC, surpassing the holdings of the enigmatic Satoshi Nakamoto. The largest of these, BlackRock’s iShares Bitcoin Trust (IBIT), possesses $51.5 billion worth of Bitcoins, amounting to nearly 528K BTC. Grayscale’s Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust (BTC) each hold between 241k BTC.
The price of Bitcoin has surged by 130% on a year-to-date (YTD) basis, currently trading at an average price of $97,617, having reached an all-time high of $103,900 on December 5. The global crypto market has experienced a slight decline over the past 24 hours, with the cumulative digital assets market cap standing at $3.45 trillion and a trading volume of $276 billion.
Amidst the Senate Banking Committee hearing on Crenshaw’s re-nomination, crypto lobbying groups are urging lawmakers to oppose her continuation. Organizations like the Blockchain Association have pointed out her staunch anti-crypto stance.
The Blockchain Association emphasized the importance of alignment in regulatory perspectives on crypto matters within the country, expressing concern over Crenshaw’s divergence from previous Congresses and the upcoming 119th Congress. The group called on the Senate to reject the nomination and advocated for SEC leadership that harmonizes with Congress and the Commissioner in good faith.
Crenshaw is poised to be the SEC’s sole Democrat next year, having previously characterized crypto markets as a “petri dish of fraud.”
The Senate remains divided on the issue, with outgoing Senate Banking Committee chair Sherrod Brown advocating for stricter crypto regulations, while Republican Senator Tim Scott has urged President Biden to withdraw all pending nominations.