US Senate Cancels Renomination of SEC Commissioner Caroline Crenshaw
The Senate Banking Committee canceled Caroline Crenshaw’s renomination vote.
President-elect Trump plans to appoint a pro-crypto SEC commissioner.
The U.S. Senate Banking Committee has canceled its vote on SEC Commissioner Caroline Crenshaw’s renomination. This decision effectively ends her tenure at the regulatory agency. Scheduled for December 18, the vote was called off due to a lack of legislative floor time, as confirmed by a Senate aide.
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
Crenshaw’s departure comes amidst significant criticism from the cryptocurrency industry. Known for opposing Bitcoin spot ETFs, she cited fraud and market manipulation concerns. Her strict regulatory stance aligned with outgoing SEC Chair Gary Gensler, prioritizing investor protection over market expansion.
Crenshaw has been a vocal opponent of digital assets throughout her tenure. She frequently supported stringent oversight, even surpassing Gensler in her skepticism of crypto markets. Earlier this year, she reiterated that Bitcoin spot products lack adequate protections for consumers.
Crypto Wins as Crenshaw’s Exit Looms
The crypto industry reacted positively to her exit. Key players like Coinbase and Ripple criticized her policies, which they argued stifled innovation. Trade groups, including the Blockchain Association, organized campaigns against her renomination. Over 107,000 emails opposing Crenshaw were sent to Senate offices, highlighting the industry’s influence.
Republicans in the Senate also opposed her renomination. Senator Tim Scott called the vote timing an attempt to further President Biden’s agenda before Donald Trump’s administration takes over. Political friction delayed Crenshaw’s renomination meeting multiple times, ultimately leading to its cancellation.
President-elect Donald Trump will now have the opportunity to appoint a new SEC commissioner. Reports suggest he favors Paul Atkins, a pro-crypto figure, signaling a regulatory shift. Trump has expressed support for a crypto-friendly framework and vowed to include industry advocates in policy-making.
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