The Senate Banking Committee’s vote on the reappointment of SEC Commissioner Caroline Crenshaw has been canceled, as reported by FOX Business journalist Eleanor Terrett. With Congress scheduled to adjourn on December 20, this cancellation means that Crenshaw will not secure a nomination for her position.

The vote was set to take place tomorrow morning after a procedural conflict caused the committee to postpone the original vote. Now that Crenshaw’s nomination isn’t processed before Congress’ adjournment, President-elect Donald Trump will gain the authority to nominate a new commissioner.

🚨BREAKING: A Senate aide has just informed me that tomorrow’s Senate Banking Committee scheduled markup vote on @SECGov Commissioner Caroline Crenshaw has been canceled.

She will not be renominated to her position.

— Eleanor Terrett (@EleanorTerrett) December 17, 2024

Crenshaw, first appointed to the SEC in 2020 under the Trump administration and renominated by President Biden, has aligned closely with SEC Chairman Gary Gensler on regulatory matters. Her tenure has been marked by opposition to crypto policies, including her stance against spot Bitcoin ETF approvals.

The crypto industry mounted opposition to her reappointment bid through coordinated efforts, including digital advertising campaigns targeting lawmakers.

Industry leaders, including Gemini’s Tyler Winklevoss and Coinbase COO Emilie Choi, publicly opposed her record. The Blockchain Association and Digital Chamber also voiced opposition to her reappointment.

The industry’s campaign portrayed Crenshaw as “more anti-crypto than Gensler,” highlighting tensions between regulatory oversight and crypto market development.

This is a developing story.