The Senate Banking Committee is scheduled for a markup vote on SEC Commissioner Caroline Crenshaw next week.
Crenshaw’s resistance to approving spot Bitcoin ETFs exemplifies her negative stance towards cryptocurrency.
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The Senate Banking Committee will now vote on SEC Commissioner Caroline Crenshaw’s reappointment next Wednesday, following a procedural conflict that caused a postponement of the initial vote, as reported by FOX Business journalist Eleanor Terrett.
🚨NEW: Two Senate staffers have informed me that @SenSherrodBrown just sent notice there will be a rescheduled markup vote on Caroline Crenshaw Wednesday at 9:30AM.
As I said earlier, that will leave two days to get her nomination to a full Senate vote.
Minutes before the Wednesday vote was set to begin, it was postponed by Senate Banking Committee Chair Sherrod Brown, with attempts to reschedule clashing with Senate rules, according to a Senate aide in communication with Bloomberg.
As Congress is nearing adjournment for the week, Crenshaw’s nomination is under tight time constraints as lawmakers work on spending bills and other legislative matters, Terrett noted.
If her nomination is not processed before Congress adjourns, President-elect Donald Trump will have the power to appoint a new commissioner starting January 20, 2025.
Crenshaw Faces Strong Opposition from the Crypto Industry
Crenshaw’s bid for reappointment is encountering resistance from the crypto sector due to her cautious approach to regulation. While she aligns with SEC Chair Gary Gensler on the need for strict regulatory measures, she is perceived as being even more stringent.
Critics within the industry argue that her positions may be more damaging than Gensler’s.
One significant moment marking her skepticism toward crypto was her dissent during the January 2024 vote on U.S. spot Bitcoin ETFs, where she was one of only two SEC commissioners against their approval.
This backlash against her nomination has increased as Congress nears its adjournment.
The Digital Chamber and various crypto advocacy organizations have launched campaigns opposing her confirmation, asserting that her reappointment would hinder the development of equitable digital asset regulations.
If her nomination fails, it could pave the way for a new SEC commissioner who might embrace a more favorable regulatory attitude towards cryptocurrency.
Despite facing notable opposition from the crypto community, Crenshaw’s nomination has received support from over 40 labor and civil rights organizations urging her confirmation.
Experts warn that failing to confirm her could result in the SEC falling under single-party control, which may diminish diverse political perspectives within the agency and negatively impact its efficacy in overseeing financial markets.
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