Brian Armstrong, the CEO of Coinbase
$4.58B
, wants Commissioner Caroline Crenshaw to be removed from the US Securities and Exchange Commission (SEC).
Through a series of posts on X, he referred to Crenshaw as a “failure”, highlighting her opposition to crypto-friendly policies.
This controversy surfaces just as the Senate Banking Committee is preparing for a vote on December 11, which could extend Crenshaw’s position at the SEC until 2029.
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Calling her stance “worse” than that of SEC Chair Gary Gensler, Armstrong accused Crenshaw of actively obstructing innovation in crypto.
He further cautioned lawmakers that the crypto community is closely monitoring the decision, noting that advocacy groups such as Stand With Crypto plan to document and evaluate these political decisions on public scorecards.
Armstrong’s remarks emphasize a growing divide between the crypto industry and regulatory bodies, particularly over Crenshaw’s resistance to Bitcoin
$98,154.49
exchange-traded funds (ETFs).
Emilie Choi, the Coinbase’s president and COO, joined Armstrong in criticizing Crenshaw. In a December 7 post, Choi characterized Crenshaw’s resistance to Bitcoin ETFs as embarrassing, calling for changes within the SEC to address what she perceives as hostility toward crypto innovation.
James Seyffart, a Bloomberg Intelligence ETF research expert, pointed out Crenshaw’s alignment with anti-crypto sentiment, stating that she often went beyond simply supporting Gensler’s initiatives.
She wasn’t just “an ally to Gensler” in my opinion, she was more vehemently anti crypto than Gensler.
Seyffart cited her disapproval letter regarding Bitcoin ETFs as evidence of her particularly aggressive stance, contrasting it with other commissioners who opted not to join her in opposition.
Crenshaw has maintained a firm opposition to Bitcoin ETFs, a position that has garnered backlash from the crypto community. In her disagreement against the SEC’s January approval of spot Bitcoin ETFs, she characterized the decision as lacking historical and regulatory justification.
It is not the first time there has been tension between Armstrong and the SEC. Before this controversy, he stated that Coinbase had stopped working with companies that hired former SEC officials. Which companies are those? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
