The Senate Banking Committee’s vote on SEC Commissioner Caroline Crenshaw’s reelection has been rescheduled for next Wednesday after a procedural conflict caused the committee to postpone the original vote, according to FOX Business reporter, Eleanor Terrett.
🚨NEW: Two Senate staff members informed me that @SenSherrodBrown just sent notice that there will be a rescheduled vote on Caroline Crenshaw on Wednesday at 9:30 am
As I said before, that will leave two days for his nomination to be put to a vote in the Senate.
The drama continues. https://t.co/bWwYpVTau3
– Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes before the vote was to begin Wednesday morning, Senate Banking Committee Chairman Sherrod Brown postponed it and rescheduled it for later that afternoon. However, this adjustment clashed with Senate rules; Republican senators denied Brown’s rescheduling request, a Senate aide told Bloomberg.
With Congress set to adjourn in less than a week, Crenshaw’s nomination faces time constraints as lawmakers tackle spending bills and other legislative priorities, Terrett reported.
If Crenshaw’s nomination is not processed before Congress adjourns, President-elect Donald Trump would gain the authority to nominate a new commissioner when he takes office on January 20, 2025.
Crenshaw faces strong opposition from the crypto industry
Crenshaw’s bid for the nomination faces strong opposition from the crypto industry due to his skeptical approach to regulating the sector. While he shares a commitment to strong regulatory oversight with SEC Chairman Gary Gensler, Crenshaw’s stance is perceived as more cautious and strict.
Industry figures have claimed that his position is even more damaging than Gensler’s.
A key moment that portrays her skepticism towards cryptocurrencies is her disagreement during the vote on Bitcoin spot ETFs in the US, where she was one of only two SEC commissioners who opposed their approval in January 2024. .
That explains why the backlash against Crenshaw’s nomination has intensified as time progresses toward the adjournment of Congress.
The Digital Chamber and other cryptocurrency advocacy groups have organized campaigns against his confirmation, claiming that his re-election would impede the development of balanced digital asset regulations.
If his nomination fails, it could open the door for a new SEC commissioner who could take a more favorable approach to cryptocurrency regulation.
Despite facing strong opposition from the crypto community, Crenshaw’s nomination is supported by more than 40 labor and civil society organizations who have come together to urge his confirmation.
Experts warn that if she is not confirmed, the SEC could fall under the control of a single party. This change could lead to a lack of diverse political viewpoints within the agency, which could undermine the SEC’s ability to effectively oversee financial markets.
