The Senate Banking Committee postponed its vote on Caroline Crenshaw’s renomination to the Securities and Exchange Commission (SEC), raising questions about her future at the agency. With the congressional calendar winding down, this delay could lead to significant shifts in the SEC’s leadership and regulatory direction.
What’s behind this delay, and what happens if her term expires?
The committee was scheduled to vote on Crenshaw’s renomination on December 11, 2024. However, Senator Sherrod Brown, the committee’s Democratic chair, unexpectedly canceled the meeting without providing a clear reason. Later that day, Brown attempted to reschedule the vote, but Republican members blocked the move, leaving the process in limbo.
Time is now running out. If Congress doesn’t act before the session ends, Crenshaw’s term will expire, leaving the SEC with only three commissioners—all Republicans. This would mark a notable shift in the agency’s approach to key issues, particularly cryptocurrency regulation.
One reason Crenshaw’s renomination is getting pushback is her stance on crypto. Many in the industry are unhappy with her opposition to Bitcoin ETFs and what they see as her tough approach to regulation. The CEO of famous crypto exchange Coinbase, Brian Armstrong, has urged senators to block her renomination calling her a “failure of an SEC Commissioner”.
This isn’t just about Crenshaw, though. It’s part of a bigger battle between the SEC and the crypto world. Crypto leaders want less oversight, and with Crenshaw gone, they might get it.
The delay in Crenshaw’s renomination isn’t just about her policy positions—it’s also deeply political. Senator Tim Scott, the committee’s top Republican, accused Democrats of trying to push through President Biden’s nominees before President-elect Donald Trump takes office in January. Scott called it a “last-minute effort” to prevent Trump from influencing the SEC’s future direction.
The committee needs to reschedule the vote, but with the congressional session wrapping up soon, time isn’t on Crenshaw’s side. With the expiration of her term, the SEC’s balance of power will shift immediately. That means a new commissioner could step in as early as January 2025.
The stakes are clear: this is about more than a seat at the SEC—it’s about the future of regulation!
DeFi Development Corp follows a similar approach to SOL Strategy to issue debt securities to…
The listing of SNEK on Kraken is a massive gain for the wider Cardano ecosystem.…
UNI price has largely followed Ethereum price action in the ongoing wider crypto recovery. The…
Sui’s token price has been on a strong rally over the past few days. While…
At his first public event as SEC chairman, Paul Atkins made it clear he’s backing…
The markets are experiencing a significant shift in momentum, with the bulls gaining the upper…