The Senate Banking Committee has canceled a planned vote on the reappointment of Caroline Crenshaw as a commissioner for the US Securities and Exchange Commission (SEC).
Originally scheduled for 18 December 2024, the markup session was also set to address the nomination of Gordon Ito to the Financial Stability Oversight Council. However, both votes were abruptly shelved, according to a 17 December 2024 announcement.
The cancellation casts doubt on Crenshaw’s chances of securing a second term at the SEC before Republicans assume control of the Senate in January.
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Crenshaw Faces Opposition Due To Anti-Crypto Stance
Crenshaw’s current term is set to expire in June 2024, but under SEC rules, she can continue serving for up to 18 months beyond that date if a successor is not confirmed.
Crenshaw, who has served under both former President Donald Trump and current President Joe Biden, has faced opposition from crypto advocacy groups due to her anti-crypto stance.
In contrast, over 40 organizations have supported her nomination, arguing that Trump’s administration would be unlikely to nominate any Democratic SEC commissioners.
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
Currently, Crenshaw is one of three Democrats on the commission, along with Gensler and Commissioner Jaime Lizárraga. Both Gensler and Lizárraga are expected to depart the SEC in January, even though their terms have not yet expired.
With Republicans poised to control the Senate from 3 January 2024, it remains uncertain whether they will reconsider Crenshaw’s nomination or opt for an alternative candidate.
If confirmed, she could remain at the SEC until 2029. If not, her seat may be left vacant or filled by a Republican-backed nominee.
Trump has outlined plans to overhaul the SEC’s leadership, vowing to replace Gensler “on day one” if he regains the presidency.
He has also announced plans to nominate former SEC Commissioner Paul Atkins as Gensler’s replacement and to appoint former PayPal COO David Sacks as an “AI and crypto czar.”
Earlier this month, a digital advertising campaign targeted Crenshaw, accusing her of being “even more extreme” than Chair Gary Gensler.
One of Crenshaw’s major points of contention is her opposition to the approval of spot bitcoin exchange-traded funds (ETFs). She has also referred to crypto markets as a “petri dish” for fraud, further alienating industry players.
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Coinbase To Cut Ties With Law Firms Linked To Former SEC Officials
Coinbase CEO Brian Armstrong has announced that the crypto exchange will sever ties with law firms employing former SEC officials involved in what he claims was an effort to “unlawfully kill” the crypto industry.
This came as the SEC has taken a tougher stance against crypto firms in 2024. More specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, a 3,018% increase from 2023.
The fines included forfeitures, disgorgement, civil penalties, settlements, and prejudgment interest, calculated from when the SEC initiated each case.
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The post SEC Reappointment Of Caroline Crenshaw Canceled By Senate Banking Committee appeared first on 99Bitcoins.
