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Anti-Crypto SEC Commissioner Caroline Crenshaw’s Renomination to Be On Hold
1. Renomination Delay:
- The renomination of SEC Commissioner Caroline Crenshaw is expected to be postponed due to a limited number of legislative days and other Senate priorities.
- The process might be delayed until after the 2024 US elections, adding uncertainty to the outcome.
2. Senate Banking Committee:
- Crenshaw is anticipated to be "voted out of the Committee" by the Democrat-led Senate Banking Committee, indicating a positive recommendation.
- A full Senate vote on her renomination is still pending.
3. Political Implications:
- Changes in the Senate or White House administration could impact the SEC's composition.
- A new administration could designate a new SEC Chair, though the former chair might remain as a commissioner, altering the SEC's agenda and dynamics.
- Even if Trump wins the 2024 election and promotes Hester Pierce to the chair, the Democrats would maintain a 3-2 majority on the Commission.
4. Opposition to Crypto:
- Senator Bill Hagerty questioned Crenshaw's stance on Bitcoin spot ETFs and her general opposition to cryptocurrencies.
- Crenshaw cited concerns about significant fraud in the underlying spot markets as a reason for her position.
- Hagerty criticized Crenshaw for allegedly advancing climate positions through her SEC role, which he argued exceeds the agency’s remit.
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