Brian Armstrong, the CEO of Coinbase
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
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.
