Crenshaw Denied Renomination as SEC Chair, XRP Supporters Celebrate

Great news for the crypto industry: SEC Commissioner Caroline Crenshaw will not be renominated. According to Fox Business’ Eleanor Terrett, a Senate aide confirmed that the Senate Banking Committee’s scheduled vote on her nomination has been canceled. Crenshaw, who was known for her anti-crypto stance, even opposed the approval of the Bitcoin spot ETF, issuing a dissent.

This victory is seen as a step forward for the crypto community, with many expecting a pro-crypto shift in the SEC under new leadership. Crypto advocates flooded the Senate with 107,000 emails opposing Crenshaw’s renomination, showing the strength of the industry’s voice. Additionally, Senator Cynthia Lummis predicts that 2025 will be a major year for Bitcoin and digital assets, with David Sacks serving as the crypto czar.

Crenshaw, appointed to the SEC in 2020 under the Trump administration and later renominated by President Biden, has been a strong ally of SEC Chair Gary Gensler. She is considered even more anti-crypto than Gensler, especially due to her opposition to key crypto policies.

With Crenshaw not being renominated as SEC Chair, it significantly boosts the likelihood that the SEC will not continue its pursuit of Ripple Labs. This also opens the door for President Trump to appoint someone new, potentially more favorable to the crypto space.

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Why Didn’t The Crypto Market React?

When an X user remarked that one would have expected this news to affect the market, attorney Fred Rispoli responded, saying, “These kinds of moves are fairly esoteric, and only the most dialed-in crypto folks are following it. It will probably take 1-2 days to percolate in a wider fashion.”