Key takeaways
- The Senate Banking Committee will hold an enhanced vote on SEC’s Crenshaw next week.
- Crenshaw’s opposition to the approval of spot Bitcoin ETFs serves as a clear example of his anti-crypto stance.
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The Senate Banking Committee’s vote on SEC Commissioner Caroline Crenshaw’s reappointment has been postponed until next Wednesday after a procedural conflict caused the committee to postpone the initial vote, according to FOX Business reporter , Eleanor Terrett.
🚨NEW: Two members of the Senate informed me that @SenSherrodBrown Just sent notice, there will be a rescheduled markup vote on Caroline Crenshaw on Wednesday at 9:30am.
As I said earlier, this will leave two days for his nomination to come up for a vote in the Senate.
The drama continues.
– Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes before the vote was set to kick off Wednesday morning, it was postponed by Senate Banking Committee Chairman Sherrod Brown and rescheduled until later in the afternoon. However, this adjustment was against Senate rules; Republican senators rejected Brown’s delay request, a Senate aide told Bloomberg.
With Congress heading to 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 is not processed before Congress adjourns, President-elect Donald Trump would gain the authority to appoint a new commissioner when he takes office on January 20, 2025.
Crenshaw faces strong opposition from the crypto industry
Crenshaw’s candidacy faces strong opposition from the crypto industry due to his skeptical approach to regulating the sector. Although she shares her commitment to strong regulatory oversight with SEC Chairman Gary Gensler, Crenshaw’s stance is seen as more cautious and stricter.
Industry figures said his position was even more damaging than Gensler’s.
A key moment that illustrates her skepticism of crypto is her dissent in the vote on spot Bitcoin ETFs in the United States, where she was one of only two SEC commissioners to oppose their approval in January 2024.
This explains why the backlash against Crenshaw’s nomination has intensified as the clock ticks toward Congress’ adjournment.
The Digital Chamber and other cryptocurrency advocacy groups launched campaigns against his confirmation, saying his reappointment would hinder the development of balanced regulation of digital assets.
If his nomination fails, it could open the door for a new SEC commissioner who could take a more favorable approach to crypto regulation.
Despite strong opposition from the crypto community, Crenshaw’s nomination is supported by more than 40 labor and civil society organizations who have united to call for his confirmation.
Experts warn that if she fails to confirm it, the SEC could fall under single-party control. This change could lead to a lack of diversity of policy viewpoints within the agency, which could harm the SEC’s ability to effectively supervise the financial markets.
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