President Joe Biden has announced his intention to renominate Caroline Crenshaw, a long-time opponent of cryptocurrency, for a second term as the Commissioner of the U.S. Securities and Exchange Commission (SEC). This move has sparked a strong backlash from the crypto community, which is perplexed by the Biden administration's apparent contradictions.

On one hand, the administration has been actively courting the crypto community for donations, while on the other hand, it continues to appoint individuals who are hostile to the industry. Crenshaw, in particular, has consistently voted against the approval of spot Bitcoin ETFs and has been a vocal critic of cryptocurrency. Her stance has led some to argue that she is even more progressive on crypto policies than her colleague, SEC Chair Gary Gensler.

The Biden administration's dual approach has raised questions about its true stance on cryptocurrency. After Donald Trump's strong support for crypto during his campaigns, the Biden administration has been trying to reach out to the crypto community. However, its recent actions, including cracking down on several crypto firms, have led to skepticism about its intentions. The administration's request for crypto donations has been met with widespread disapproval from the crypto community.

Anthony Sassal, an Ethereum contributor, pointed out the hypocrisy of the Biden administration's actions: "Biden wants to accept crypto donations yet his SEC buddies are suing the biggest U.S. based crypto companies (Coinbase, Kraken, Uniswap Labs)". Ryan Selkis, the founder of Messari Crypto, expressed strong disapproval of any crypto donations to political campaigns before any concessions or policy reversals are made. He stated, "I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth."