Senators to vote on SEC Commissioner Crenshaw's renomination next Wednesday after postponement
Crenshaw's controversial stance on digital assets stirs political tensions ahead of senate vote.
Key Takeaways
- The Senate Banking Committee will hold a markup vote on SEC's Crenshaw next week.
- Crenshaw's opposition to the approval of spot Bitcoin ETFs serves as a clear example of her anti-crypto stance.
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The Senate Banking Committee’s vote on the reappointment of SEC Commissioner Caroline Crenshaw has been rescheduled for next Wednesday after a procedural conflict caused the committee to postpone the original vote, according to FOX Business journalist Eleanor Terrett.
🚨NEW: Two Senate staffers have informed me that @SenSherrodBrown just sent notice there will be a rescheduled markup vote on Caroline Crenshaw Wednesday at 9:30AM.
As I said earlier, that will leave two days to get her nomination to a full Senate vote.
The drama continues. https://t.co/bWwYpVTau3
— Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes before the vote was set to kick off on Wednesday morning, it was postponed by Senate Banking Committee Chair Sherrod Brown and rescheduled for later in the afternoon. However, this adjustment clashed with Senate rules; Republican senators denied Brown’s request for rescheduling, a Senate aide told Bloomberg.
With Congress approaching adjournment in less than a week, Crenshaw’s nomination faces time constraints as lawmakers tackle spending bills and other legislative priorities, Terrett reported.
If Crenshaw’s nomination isn’t processed before Congress adjourns, President-elect Donald Trump would gain the authority to nominate a new commissioner when he takes office on January 20, 2025.
Crenshaw faces strong opposition from the crypto industry
Crenshaw’s nomination bid faces strong opposition from the crypto industry due to her skeptical approach to regulating the sector. While she shares a commitment to strong regulatory oversight with SEC Chair Gary Gensler, Crenshaw’s stance is perceived as more cautious and stringent.
Industry figures have claimed that her position is even more detrimental than Gensler’s.
A key moment that portrays her skepticism towards crypto is her dissent during the vote on US spot Bitcoin ETFs, where she stood as one of only two SEC commissioners opposing their approval in January 2024.
That explains why the backlash against Crenshaw’s nomination has intensified as the clock ticks down toward Congress’ adjournment.
The Digital Chamber and other crypto advocacy groups have mounted campaigns against her confirmation, claiming her reappointment would impede the development of balanced digital asset regulations.
If her nomination fails, it could open the door for a new SEC commissioner who could adopt a more favorable approach to crypto regulation.
Despite facing strong opposition from the crypto community, Crenshaw’s nomination is backed by over 40 labor and civil society organizations who have united to urge her confirmation.
Experts caution that failing to confirm her could result in the SEC falling under single-party control. This shift could lead to a lack of diverse political viewpoints within the agency, which may undermine the SEC’s ability to effectively oversee financial markets.
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