Caroline Crenshaw’s renomination as SEC Commissioner faces delays until after the US 2024 elections.
Crypto advocates, like Stand With Crypto, push for supportive legislation amid anti-crypto sentiments within the SEC.
Senate Banking Committee to vote on Crenshaw; full Senate vote delayed due to limited legislative days and other priorities.
SEC Commissioner Caroline Crenshaw, a vocal critic of cryptocurrencies, faces an uncertain future as her renomination hangs in the balance amid political shifts and a divided regulatory landscape.
The Democrat-led Senate Banking Committee is expected to approve her nomination, but the full Senate vote will likely be delayed due to limited legislative days and other priorities of Senate Majority Leader Chuck Schumer.
Fox Business journalist Eleanor Terret reported that Crenshaw’s renomination process faces uncertainty due to potential changes in the Senate and the White House. A new administration could immediately appoint a new SEC Chair, affecting Crenshaw’s position.
🚨NEW: Re next steps for the renomination of Caroline Crenshaw to the @SECGov — I’m told she will likely get “voted out of Committee” which means her nomination will get a “yes” from the Dem-led Senate Banking Committee. But she then has to get through a full Senate vote which…
— Eleanor Terrett (@EleanorTerrett) July 12, 2024
Crypto lawyer Mike Selig highlighted that a new administration could strip current SEC Chair Gary Gensler of his power, though he might remain a commissioner.
Terret noted that if Crenshaw is confirmed and Gensler stays, the SEC would maintain a Democratic majority. Even if former President Donald Trump promotes Hester Pierce to the chair, Democrats would still hold a 3-2 majority on the Commission.
Caveat: If Caroline gets through and Gary decides to stay, there will still be a Democrat majority at the Commission. Trump could promote Hester to Chair (her term is up in 2025) but there would still be a 3-2 majority for the Dems.If Trump wins, he can’t force Gary to leave,… https://t.co/9no4TPMOQJ
— Eleanor Terrett (@EleanorTerrett) July 12, 2024
In a recent discussion, Senator Bill Hagerty questioned Crenshaw on her opposition to approving spot Bitcoin ETFs earlier this year. Crenshaw emphasized the need to assess the public interest in individual exchange-traded products (ETPs) and expressed concerns about significant fraud in global spot markets.
Hagerty criticized Crenshaw’s stance, describing it as harmful to an “important emerging technology.” He also accused her of using her SEC position to advance climate positions, which he argued was way beyond the agency’s purview.
Crenshaw gained notoriety for her tough stance against approving spot Bitcoin ETFs, a move many in the crypto world were hoping for. Some even argue that Crenshaw’s hardline approach to regulation is a bigger hurdle than SEC Chair Gary Gensler, who’s also been criticized for his strict oversight of the industry. Critics worry that Crenshaw’s regulatory approach could stifle innovation and slow down the growth of the crypto sector.
In response to anti-crypto sentiments within the SEC, the advocacy group Stand With Crypto has been actively promoting pro-crypto policies. On July 10, the group organized meetings on Capitol Hill, where crypto founders engaged with lawmakers to advocate for supportive legislation. Stand With Crypto emphasized the importance of these initiatives, especially in an election year when policy decisions are crucial.
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