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SEC Commissioner Caroline Crenshaw‘s renomination vote was postponed, leaving her position at the agency uncertain.
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.”
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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