President Joe Biden Renominate Anti-Crypto SEC Commissioner

Just when it felt like President Joe Biden of the United States was changing his anti-crypto stance, he made a move that suggests otherwise in latest SEC nomination.

President Biden has given his support to the renomination of anti-crypto SEC Commissioner Caroline Crenshaw. In a plot twist, Biden’s move comes after billionaire Mark Cuban warned that Gary Gensler and his anti-crypto camp could cost him the next election.

Biden Confuses Citizens With Renomination of Crenshaw 

A few weeks ago, Biden’s administration was found reaching out to crypto firms all in the name of learning from those who know the intricacies of the “crypto community and crypto policy”. Many people believed that they had suddenly realized the potential impact that their stance on crypto may have on the presidential race that will happen in November 2024. 

The action was even perceived as a direct response to the worries expressed by crypto advocates about the regulatory landscape and the necessity for policies that promote innovation and advancement in the industry. 

Recently, the Biden administration began to explore the option of accepting cryptocurrency donations. According to some sources familiar with the conversation, the intention is to utilize Coinbase Commerce, a payment service that enables merchants to receive various cryptocurrencies.

SEC Commissioner With a Staunch Anti-crypto Track Record 

Crenshaw identifies as one of the staunchly anti-crypto individuals. Many people believe that she is more anti-crypto than any of her colleagues including Gary Gensler who is the chairman of the SEC. She has constantly voiced her disapproval of spot Bitcoin ETFs even till January this year when the proposed rule change was greenlighted by Gensler. 

Stephen Hall, the Legal Director and Securities Specialist, thinks that the nomination is outstanding citing that she has all of the credentials one could hope for. “she has demonstrated that she is a staunch, thoughtful, and consistent champion of investors—those whom the Commission was established to serve,” Hall added.

U.S Presidential Candidates Take Crypto Stance

At this point, Biden must really take a stand; whether crypto or anti-crypto. His opponents have equally chosen crypto as their “weapon of war”. 

Democrats candidate Donald Trump, who recently named himself the crypto president, has embraced crypto donations for his campaign in the 2024 election. He is also using the Coinbase Commerce. Trump has not only embraced crypto but is also actively promoting it.

Robert. F. Kennedy Jr is also crypto-friendly and plans to improve the industry once elected president of the United States.