According to reports, due to program conflicts, the Senate Banking Committee's original plan to vote on the reappointment of SEC Commissioner Caroline Crenshaw has been postponed. As the scheduled voting time approached, Committee Chairman Sherrod Brown announced that the vote would be delayed to later that day. However, due to this adjustment conflicting with the Senate's formal procedures, some Republican senators rejected the proposal. Ultimately, the vote has been rescheduled for next Wednesday.
The postponement of the vote raises further concerns about the time constraints for Crenshaw's reappointment, especially considering that Congress will recess in a week, and lawmakers need to focus on spending bills and other legislative matters. If Crenshaw's nomination fails to gain confirmation before Congress recesses, it would provide incoming President Donald Trump the power to appoint a new commissioner after his inauguration on January 20, 2025.
Crenshaw's nomination faces strong opposition from the cryptocurrency industry.
Crenshaw's nomination has encountered widespread opposition from the cryptocurrency industry, primarily stemming from her tough stance on regulating the crypto market. Like SEC Chairman Gary Gensler, Crenshaw also supports strengthening regulation of cryptocurrencies, but her policy inclinations are considered to be more cautious and stringent. Industry insiders generally believe that Crenshaw's stance is more conservative compared to Gensler and may exert greater pressure on the crypto industry.
A notable example is Crenshaw's vote against approving the U.S. spot Bitcoin ETF in January 2024, where she was one of only two dissenters in the SEC. This position is also one of the reasons that has intensified the cryptocurrency industry's opposition to her reappointment.
The opposition between the cryptocurrency industry and Crenshaw.
As Congress approaches its recess, Crenshaw's nomination is facing increasingly intense controversy. Cryptocurrency industry groups such as the Digital Chamber of Commerce have launched campaigns against her reappointment, arguing that her continued tenure would severely hinder the balance and development of cryptocurrency market regulation. These groups are calling for a delay or rejection of her nomination to pave the way for more cryptocurrency-friendly regulatory policies.
However, despite facing strong opposition from the cryptocurrency industry, Crenshaw has still garnered widespread support. Over 40 labor and civil society organizations have publicly expressed their support for her reappointment, believing that she can bring necessary expertise and regulatory rigor to the SEC.
Potential crisis facing the SEC.
Experts warn that if Crenshaw's nomination fails to be confirmed, the SEC may fall into a situation of single-party control, threatening the political diversity within the agency and subsequently affecting its regulatory efficiency and market transparency. As an important regulatory agency in financial markets, the balance and diversity of the SEC's decisions are crucial, and any dominance by a single political faction could undermine the agency's credibility and regulatory capacity.
Ultimately, whether Crenshaw's reappointment can be successfully passed will not only affect the regulatory landscape of the U.S. financial markets but will also have far-reaching implications for the global cryptocurrency industry.
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