The U.S. Senate Committee on Banking, Housing, and Urban Affairs has canceled its scheduled vote on the re-nomination of SEC Commissioner Caroline Crenshaw. This decision reportedly stems from a lack of available floor time, according to sources from Punchbowl News.
Without a re-nomination, Crenshaw’s departure from the Securities and Exchange Commission (SEC) is now widely expected. Crenshaw, one of the two commissioners who opposed the approval of Bitcoin ETFs, has faced significant opposition from the cryptocurrency industry.
Major players such as Coinbase and Ripple have publicly criticized her stance, arguing she has been excessively antagonistic toward the sector. Lobbyists for the crypto industry have gone as far as to position her as a greater adversary than SEC Chair Gary Gensler.
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Industry Pressure to Block Re-nomination Intensifies
The cryptocurrency industry has mounted a concerted campaign to derail Crenshaw’s re-nomination. Advocacy efforts included lobbying lawmakers and deploying a billboard truck targeting her in Washington, DC. This aggressive opposition reflected the broader discontent among industry stakeholders regarding her policies.
Had Crenshaw been reconfirmed, she would have continued as an SEC commissioner until 2029. Instead, her expected exit now aligns with the potential departures of Chair Gensler and Commissioner Jaime Lizárraga.
By early 2025, the SEC may temporarily consist of only Republican commissioners, though it is mandated to maintain at least two Democratic commissioners to preserve its bipartisan structure. Crenshaw’s departure would leave a significant vacancy on the commission. However, given the current dynamics, her re-nomination to fill a minority seat next year is seen as highly unlikely.
Conclusion
For now, Caroline Crenshaw remains an SEC commissioner, but her tenure appears to be nearing its end. Her exit, alongside other potential departures, signals a significant shift in the composition of the SEC. The agency’s future direction will depend heavily on the appointment of new commissioners, ensuring balance amid ongoing debates over cryptocurrency regulation.
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