Key Takeaways
The Senate Banking Committee will maintain a markup vote on SEC’s Crenshaw subsequent week.
Crenshaw’s opposition to the approval of spot Bitcoin ETFs serves as a transparent instance of her anti-crypto stance.
Share this text
The Senate Banking Committee’s vote on the reappointment of SEC Commissioner Caroline Crenshaw has been rescheduled for subsequent Wednesday after a procedural battle induced the committee to postpone the unique vote, in response to FOX Enterprise journalist Eleanor Terrett.
🚨NEW: Two Senate staffers have knowledgeable me that @SenSherrodBrown simply despatched discover there will likely be a rescheduled markup vote on Caroline Crenshaw Wednesday at 9:30AM.
As I mentioned earlier, that may go away two days to get her nomination to a full Senate vote.
The drama continues. https://t.co/bWwYpVTau3
— Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes earlier than the vote was set to kick off on Wednesday morning, it was postponed by Senate Banking Committee Chair Sherrod Brown and rescheduled for later within the afternoon. Nonetheless, this adjustment clashed with Senate guidelines; Republican senators denied Brown’s request for rescheduling, a Senate aide instructed Bloomberg.
With Congress approaching adjournment in lower than every week, Crenshaw’s nomination faces time constraints as lawmakers sort out spending payments and different legislative priorities, Terrett reported.
If Crenshaw’s nomination isn’t processed earlier than Congress adjourns, President-elect Donald Trump would achieve the authority to appoint a brand new commissioner when he takes workplace on January 20, 2025.
Crenshaw faces sturdy opposition from the crypto business
Crenshaw’s nomination bid faces sturdy opposition from the crypto business on account of her skeptical method to regulating the sector. Whereas she shares a dedication to sturdy regulatory oversight with SEC Chair Gary Gensler, Crenshaw’s stance is perceived as extra cautious and stringent.
Trade figures have claimed that her place is much more detrimental than Gensler’s.
A key second that portrays her skepticism in the direction of crypto is her dissent through the vote on US spot Bitcoin ETFs, the place she stood as one in every of solely two SEC commissioners opposing their approval in January 2024.
That explains why the backlash in opposition to Crenshaw’s nomination has intensified because the clock ticks down towards Congress’ adjournment.
The Digital Chamber and different crypto advocacy teams have mounted campaigns in opposition to her affirmation, claiming her reappointment would impede the event of balanced digital asset rules.
If her nomination fails, it might open the door for a brand new SEC commissioner who might undertake a extra favorable method to crypto regulation.
Regardless of going through sturdy opposition from the crypto group, Crenshaw’s nomination is backed by over 40 labor and civil society organizations who’ve united to induce her affirmation.
Consultants warning that failing to verify her might outcome within the SEC falling beneath single-party management. This shift might result in a scarcity of numerous political viewpoints inside the company, which can undermine the SEC’s potential to successfully oversee monetary markets.
Share this text
