Dark Money group targets Caroline Crenshaw's SEC nomination

The Cedar Innovation Foundation, a group advocating for the cryptocurrency industry, is actively campaigning against the renomination of Caroline Crenshaw to the Securities and Exchange Commission (SEC).

On December 9, the organisation launched a multi-channel digital campaign urging U.S. lawmakers to reject Crenshaw’s nomination for a second term.

Cedar claims that Crenshaw is “more anti-crypto” than current SEC Chair Gary Gensler, particularly criticising her stance on policies related to spot Bitcoin exchange-traded funds.

“Last month, Americans voted for pro-innovation leadership, and this Sherrod Brown bait-and-switch directly defies the will of the voters,” Cedar stated in its campaign.

The Senate Banking Committee is scheduled to vote on Crenshaw’s nomination on December 11. 

If confirmed, she could serve until at least June 2029.

Crenshaw was initially nominated by former President Donald Trump in 2020 and confirmed by the Senate. 

Her current term expired in June 2024, but SEC commissioners are allowed to continue serving for up to 18 months after their terms end.

President Joe Biden nominated her for a second term in June, but no vote occurred before the 2024 election.

Cedar’s lobbying efforts come in light of recent controversies surrounding “fake electors” attempting to overturn the results of the 2020 presidential election, which led to the indictment of six Republican certifiers in Nevada.

Josh Vlasto, a spokesperson for Cedar, stated there was “no connection at all” between Cedar and other lobbying groups while noting that Cedar does not disclose its donors.

The Blockchain Association and DeFi Education Fund have also expressed opposition to Crenshaw’s renomination, arguing that her actions have undermined efforts to establish sound regulatory policies for cryptocurrency.

Ji Kim from the Crypto Council for Innovation criticised Crenshaw's track record, stating she has not demonstrated the necessary objective judgment for leadership roles within the agency.