Caroline Crenshaw, a commissioner of the Securities and Exchange Commission (SEC) who is expected to leave office in less than a month, took the opportunity of her final public speech to express her views on the regulatory agency's stance on digital asset regulation.
Crenshaw pointed out during an event hosted by the Brookings Institution on Thursday that the SEC's regulatory standards have "weakened" over the past year, leading to the market "[beginning] to exhibit casino-like characteristics." As the agency has dropped several long-standing enforcement cases, reduced civil penalties, and overall filed fewer lawsuits, the market has become "chaotic."
The commissioner, who is expected to depart in January (her term officially ends in June 2024), also criticized the numerous cryptocurrency users and the agency's regulatory response to the market.
Crenshaw stated, "People invest in cryptocurrencies because they see some individuals becoming wealthy overnight. However, more commonly, though less sensational, are the cases of investors losing everything. What has always puzzled me about cryptocurrencies is: what exactly are their prices based on? Many (but not all) cryptocurrency buyers are not trading based on economic fundamentals."
She further added:
In stark contrast to Crenshaw's views, SEC Chairman Paul Atkins, Commissioner Hester Peirce, and Commissioner Mark Uyeda have all publicly expressed support for the agency's handling of digital assets and acknowledged the policy direction of the Trump administration.
Peirce and Atkins spoke at the Blockchain Association Policy Summit this week, discussing the cryptocurrency regulatory framework and the market structure reform paths being considered by the Senate.
During the Q&A session at Thursday's event, Crenshaw elaborated on her views regarding cryptocurrencies, stating they are merely "a small part of the market" and suggested that the SEC should focus on other regulatory issues. Additionally, she expressed concerns about the agency potentially granting traditional financial policy exemptions to cryptocurrency companies.
Crenshaw noted, "I am indeed concerned that with the possible implementation of cryptocurrency rules, or if we merely issue more guidance […] claiming they do not fall under the category of securities, we may relax the fundamental principles of securities law, allowing them to operate within our regulatory framework without any protective measures. I worry this could lead to more severe market risks spreading."
Crenshaw's departure will leave the SEC with only three Republican commissioners, two of whom were nominated by President Donald Trump. As of Thursday, Trump had not made any announcements indicating he plans to nominate another Democrat to the SEC, and Crenshaw pointed out that the agency's staff has decreased by about 20% over the past year.
The Commodity Futures Trading Commission (CFTC) is also facing a leadership shortage, with several commissioners set to leave the agency by 2025. As of December, acting chair Caroline Pham, a Republican, is the only remaining commissioner at the CFTC. However, the U.S. Senate is expected to vote soon on Trump's nominee Michael Selig to succeed Pham as chair of the agency.
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Original: “SEC's Crenshaw Focuses on Cryptocurrency Industry in Final Weeks of Term”
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