The Senate committee postponed the renomination vote for Democratic Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC), leaving her position at the agency uncertain.

Crenshaw’s Renomination Vote Postponed, No Date Set

Crenshaw’s renomination vote was scheduled as part of the U.S. Senate Banking Committee meeting on the morning of December 11. However, according to a report from Bloomberg, Senate Banking Committee Chairman Sherrod Brown postponed the meeting just minutes before it was set to begin.

Republican Senators blocked Brown’s request to hold the vote later that day. Brown later stated that corporate special interests were running a “disgusting smear campaign” against Crenshaw. No date has been set for her renomination.

The postponement of Crenshaw’s renomination vote opens up the possibility of a three-person Republican SEC majority under the new administration following Donald Trump‘s presidential inauguration next year.

Trump Chooses Paul Atkins as SEC Chairman; Crenshaw’s Future Uncertain

Trump selected Paul Atkins as the next SEC Chairman on December 4. Analysts expect his confirmation between March and April 2025, depending on how quickly the Senate Banking Committee acts.

On December 7, Cody Carbone, president of the Digital Chamber, said in the Unchained Crypto podcast that Trump may strengthen his control over the agency by nominating an independent candidate to the five-person board, potentially creating a 4-to-1 majority of Trump-aligned commissioners.

Currently, the SEC commission consists of two Republicans, Hester “Crypto Mom” Peirce and Mark Uyeda, and three Democrats, Caroline Crenshaw, Gary Gensler, and Jaime Lizarraga. If Crenshaw is re-nominated, she would be the only Democratic commissioner on the SEC.

SEC Chairman’s Resignation and Growing Criticism of Crenshaw

On November 21, current SEC Chairman Gary Gensler announced he would resign from the agency on January 20, 2025. Lizarraga plans to leave the agency on January 17 to spend time with his wife, who is battling cancer.

Within the crypto industry, many are calling for Crenshaw’s removal. Coinbase CEO Brian Armstrong described her as a “failure of an SEC Commissioner” in a December 9 post on X.

“She tried to block the Bitcoin ETFs and was worse than Gensler on some issues (which I didn’t think was possible),” Armstrong said. “The Senate Banking Committee should take note – the crypto community is watching this vote.”

Related tweet:

On December 11, Carbone sent a letter to Brown and Republican Senator Tim Scott, criticizing Crenshaw’s anti-crypto stance.

“In her dissent on spot Bitcoin ETPs, Commissioner Crenshaw mischaracterized the integrity of the Bitcoin market, relying on outdated data and flawed arguments that failed to account for significant advancements in market structure and oversight,” wrote Carbone.

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A New Era for Crypto Regulations

In July 2024, at the Bitcoin Conference, Trump promised to establish a “Bitcoin and Crypto Presidential Advisory Council” during his first 100 days in office. The purpose of this council would be to create a more transparent regulatory framework for the industry. Trump also announced plans to fire SEC Chairman Gary Gensler on his first day in office, signaling major regulatory changes for the industry.

In 2020, Coinbase chose to remain neutral in politics. However, following the SEC‘s legal actions against the company in 2023, Armstrong’s position shifted. Since then, Armstrong has advocated for supporting pro-crypto candidates and called on social media for support for Republican candidates.

Might interest you: Who Could Replace Gary Gensler as SEC Chairman?

For the 2024 elections, Coinbase and Armstrong contributed around $46 million to the Fairshake PAC, which supports candidates favorable to the crypto industry. This move aims to influence regulatory changes that could benefit the sector.

This meeting with Trump could mark a significant turning point for Coinbase. The outcome of this conversation may play a key role in shaping cryptocurrency regulations in the U.S.

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In an interview held on Friday morning, Gensler was asked whether about ten companies applying for the spot Ethereum product, including Grayscale, are considering a summer court decision as a “precedent”.

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Gensler said, “I don’t want to approach any application with prejudice and as you said, we have 10 applications ahead of us.”. “So a news alert, I will not be prejudiced about this. However according to your question, we are considering the facts, conditions, and what’s ahead of us.”

Giant firms like BlackRock and Fidelity applied for spot Ethereum ETFs in November, and these have been followed by Franklin Templeton, Ark 21Shares, VanEck and Grayscale.

Experts consider that the SEC Chairman may approve Ethereum ETFs

Some experts, considering that Ether futures ETFs are currently trading, are optimistic that the SEC may approve a spot Ethereum ETF and say that Grayscale’s victory against the SEC in court last year could tip the balance.

After the decision issued by the DC court in the summer term that gave the three judges the authority to reassess Grayscale Investments’ spot bitcoin ETF offer, SEC approved spot bitcoin ETFs. However, Gensler said that the agency’s decision to approve spot bitcoin ETFs should exactly be accordingly.

SEC Chairman, who in the past stated that many cryptocurrencies are securities and has been calling for companies to register with the SEC, said in an interview conducted on Friday that “all crypto space is faced with challenges.”

SEC Chairman Gensler said, “The whole area is fraught with abuse and fraud”. “Look at the series of bankruptcies in 2022 and 2023 where investors cannot get necessary disclosures from intermediaries in the market. In the meantime, this is not such a decentralized situation for the observing public.” He said.

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