On the one hand, the Biden administration has been reaching out to crypto communities for crypto donations, while on the other hand, it continues to appoint people who have been staunchly anti-crypto. In the latest development, President Joe Biden has renominated anti-crypto SEC Commissioner Caroline Crenshaw.
Joe Biden Appoints Anti-Crypto SEC Commissioner
Fox Business reporter Eleanor Terret recently stated that President Joe Biden has announced his intentions to renominate Democrat Caroline Crenshaw to serve as the Commissioner of the U.S. Securities and Exchange Commission for the second term.
During her time in the office, Crenshaw has consistently taken an anti-crypto stance and was staunchly against the approval of the spot Bitcoin ETFs earlier this year in January. some critics argue that she’s even greater advocate of strong crypto policies than her colleague and SEC Chair Gary Gensler. Interestingly, billionaire Mark Cuban recently warned that Gary Gensler and his anti-crypto camp could cost President Biden the next election.
Crenshaw has been typically anti-crypto, voting against the approval of the $BTC spot ETFs. Her critics say she’s even more progressive than @GaryGensler on climate policies. https://t.co/uksDB2I8TF
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
After Donald Trump’s strong support for crypto during his recent campaigns, the Biden administration has been making a desperate move to reach out to the crypto community during recent weeks. After cracking down on a number of crypto firms, the Biden administration is now seeking donations from the crypto community.
Community Backlash Unleashes
The recent reach-out by President Joe Biden to the crypto community has met with community backlash. Moreover, the recent dual stands from the Biden administration make the crypto community question whether he’s actually pro-crypto or just pretending to be for the sake of the elections.
Ethereum contributor Anthony Sassal wrote: “Biden wants to accept crypto donations yet his SEC buddies are suing the biggest U.S based crypto companies (Coinbase, Kraken, Uniswap Labs)”.
Ryan Selkis, founder of Messari Crypto, has also expressed strong disapproval of any crypto donations to political campaigns before any concessions or policy reversals are made. Selkis stated: “I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth”.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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