Ripple’s CLO, Stuart Alderoty sparked a heated debate, calling US SEC Commissioner Caroline Crenshaw “even more rogue than Gensler.” This comes as the Housing and Urban Affairs Committee is scheduled to vote on Wednesday over Caroline Crenshaw’s continuation as an SEC commissioner.
President-elect Donald Trump recently announced the nomination of pro-crypto Paul Atkins to chair the US SEC after Gary Gensler announced the end of his tenure. However, Commissioner Crenshaw has faced some heat from the crypto industry as they have labeled her even more anti-crypto than Gensler.
Ripple’s CLO slams SEC’s Crenshaw
Stuart Alderoty, in an X post, agreed that “Crenshaw is, in some ways, even more rogue than Gensler.” He mentioned that Gary Gensler backed down after a court declared that blocking Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) was “arbitrary and capricious.”
Ripple’s CLO stated that Crenshaw continued to vote “no” and insisted that the court got it wrong in her dissent. He expressed his sentiment over the situation and declared that “Unelected bureaucrats are not above the law.”
Data shows that the freshly launched Bitcoin ETFs have added more than 1.1 million BTC. This tally has exceeded the holdings of the mysterious Satoshi Nakamoto. The biggest of them all, BlackRock’s iShares Bitcoin Trust (IBIT) holds $51.5 billion worth of Bitcoins. It owns nearly 528K BTC. Grayscale’s Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust (BTC) both hold between 241k BTC.
KING OF THE HILL: The US spot ETFs have just passed Satoshi in total bitcoin held, now hold more than 1.1m, more than anyone in the world, and they’re not even a year old yet, literally babies still. Mind blowing. h/t @EdmondsonShaun for the data pic.twitter.com/FQBIGGz5ei
— Eric Balchunas (@EricBalchunas) December 6, 2024
Bitcoin price is up by 130% on a year-to-date (YTD) basis and is trading at an average price of $97,617 as of press time. It set an all-time high of $103,900 on December 5. The global crypto market has seen a minor decline over the last 24 hours. The cumulative digital assets market cap stands at $3.45 trillion with a trading volume of $276 billion.
Crypto groups push to block the re-nomination
As Crenshaw faces a Senate Banking Committee hearing on her re-nomination, crypto lobbying groups are urging lawmakers to reject her. Groups like the Blockchain Association have cited her strong anti-crypto stance.
In a post, the Blockchain Association brought up that divergence in perspective on regulatory matters integral to crypto in the country is more troubling. It mentioned that Crenshaw was out of step with the prior Congress and will be even more so with the 119th. The group urged the Senate to reject this nomination and asked for an SEC leadership that is aligned with Congress and the Commissioner in good faith.
Crenshaw is set to become the SEC’s lone Democrat next year. She has labeled crypto markets as a “petri dish of fraud.”
Meanwhile, Senators stand in a split as Sherrod Brown, the outgoing chair of the Senate Banking Committee, has supported stricter crypto regulations. On the other hand, Republican Senator Tim Scott has urged Biden to withdraw all pending nominations.
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