Coinspeaker Senate Banking Committee Cancels Vote on Caroline Crenshaw’s Renomination as SEC Commissioner
According to FOX Business journalist Eleanor Terrett, on Tuesday, December 17, the Senate Banking Committee officially canceled its vote on Caroline Crenshaw’s renomination for another term as a commissioner at the US Securities and Exchange Commission (SEC).
The decision, announced just days before Congress adjourns on December 20, effectively ends her chances of securing reappointment.
🚨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
Initial Delays and Political Maneuvering
The cancellation marks a major setback for Crenshaw’s career at the SEC. Initially appointed in 2020 under the Trump administration and later renominated by President Joe Biden, Crenshaw had been expected to serve another term through 2029.
Her tenure has been defined by close alignment with outgoing SEC Chair Gary Gensler, particularly on enforcement-heavy policies targeting the crypto sector. However, without a formal vote before Congress adjourns, the door now opens for President-elect Donald Trump to appoint his own candidate to the position when he takes office on January 20, 2025.
The cancellation comes after an initial delay in the committee’s proceedings last Wednesday, December 11, when political friction stalled the nomination process. Outgoing committee chair Sherrod Brown (D-Ohio) postponed the vote at the last minute, hoping to reschedule it for the afternoon. However, under Senate procedural rules, committees cannot convene late in the day without special approval from the broader chamber.
Republican senators present in the meeting opposed granting that exception, effectively forcing the committee to adjourn without addressing Crenshaw’s renomination. This opposition has played a pivotal role in derailing Crenshaw’s bid.
During the proceedings, Senator Tim Scott (R-SC), the committee’s ranking member and its likely future chair, openly criticized the timing of the vote, calling it a “blatant attempt to hinder President Trump’s agenda.” His remarks highlighted broader tensions between the Biden administration and Republicans over the SEC’s regulatory approach, particularly under Gensler’s leadership.
Crypto Industry Opposition
Meanwhile, the crypto sector played a significant role in shaping the narrative around Crenshaw’s renomination. Trade groups, including the Blockchain Association, Stand With Crypto, and the DeFi Education Fund, organized targeted campaigns against her confirmation, portraying her as a regulator hostile to digital assets.
Prominent industry figures, such as Gemini’s Tyler Winklevoss and Coinbase’s Emilie Choi, also voiced opposition, underscoring growing frustration with the SEC’s perceived overreach in crypto regulation.
Crenshaw’s alignment with Gensler, placed her squarely in the crosshairs of the crypto lobby. Critics argue that her opposition to Bitcoin spot ETFs and broader skepticism toward digital assets hinder innovation and market growth, a sentiment that fueled the campaign against her renomination.
Meanwhile, the SEC, which operates with five commissioners, including the chair, holds considerable influence over financial markets, including the rapidly evolving crypto sector. Trump’s choice for Crenshaw’s replacement will likely reflect a shift toward policies that balance regulatory oversight with market innovation, a direction that many in the crypto industry have long advocated for.
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Senate Banking Committee Cancels Vote on Caroline Crenshaw’s Renomination as SEC Commissioner
