- Stuart Alderoty, Ripple’s CLO, opposes SEC Commissioner Caroline Crenshaw’s re-nomination over her stance on Bitcoin spot ETFs.
- Crenshaw resisted Bitcoin ETF approval despite a court ruling in favor of such products earlier this year.
- Crypto industry groups, including the Blockchain Association, ramp up lobbying efforts against Crenshaw’s confirmation.
Ripple’s Chief Legal Officer, Stuart Alderoty, has joined the growing opposition to SEC Commissioner Caroline Crenshaw’s re-nomination.
In a post on X, Alderoty accused Crenshaw of being “even more rogue than SEC Chair Gary Gensler.” He pointed to her continued opposition to Bitcoin spot exchange-traded funds (ETFs) despite a federal court ruling earlier this year in favor of such products.
Alderoty’s statement comes as the crypto industry is intensifying lobbying efforts to block Crenshaw’s confirmation. Groups like the Cedar Innovation Foundation have launched digital campaigns that label Crenshaw as “more extreme” than Gensler. These campaigns highlight her consistent resistance to Bitcoin spot ETFs and her description of crypto markets as a “petri dish of fraud.”
Lobbying Efforts Intensify
Several digital asset organizations, including the Blockchain Association and the DeFi Education Fund, have sent letters to Senate lawmakers opposing Crenshaw’s re-nomination.
In a letter to Senate Banking Committee leaders Sherrod Brown and Tim Scott, the Blockchain Association stated that Crenshaw’s stance does not align with the court’s ruling and Congress’s goals.
The Crypto Council for Innovation’s chief legal and policy counsel, Ji Kim, also echoed these concerns. Kim asserted that Crenshaw has “not demonstrated the objective judgment required of agency leaders.”
Crenshaw’s current term expired earlier this year, but she continues to serve in a buffer period that could extend into 2025. The Senate Banking Committee, led by Sherrod Brown, has scheduled a hearing to consider her re-nomination.
Caroline Crenshaw’s Dissent
In January, SEC commissioners Caroline Crenshaw and Jaime Lizárraga voted against authorizing Bitcoin spot ETFs. Chairman Gary Gensler and Commissioners Hester Peirce and Mark Uyeda voted in favor.
Gensler, known for his skeptical views of crypto, agreed to the approval after losing a lawsuit, particularly in the Grayscale case. However, other SEC leadership, like Crenshaw, continued to oppose Bitcoin spot ETFs even after the court ruling. This unwavering stance could harm her re-nomination bid.
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