Chamber of Digital Commerce urges US Senate to deny SEC Commissioner Caroline Crenshaw reappointment

The Chamber of Digital Commerce (TDC), an industry advocacy group, urged the U.S. Senate to reject Caroline Crenshaw's nomination for re-election as a U.S. SEC commissioner. TDC cited several reasons for opposing Crenshaw's re-election, especially her stance on cryptocurrency regulation. In a formal letter to the Senate Banking Committee, TDC expressed concerns about Crenshaw's tenure at the SEC, saying her approach to digital asset regulation was detrimental to market growth and innovation. TDC noted that her actions hindered industry progress and investor confidence, and specifically mentioned her dissent on the approval of spot Bitcoin ETFs, including the rejection of Grayscale Bitcoin Trust (GBTC)'s application to convert to a spot Bitcoin ETP. TDC believes that Crenshaw's regulatory actions are inconsistent with the core mission of the U.S. SEC: protecting investors, ensuring fair markets, and promoting capital formation. The letter emphasized that she used outdated data and arguments in her dissent, which did not reflect the maturity of the digital asset industry or progress in market supervision and monitoring.