U.S. Senate Committee to Vote on Renomination of SEC Commissioner Crenshaw
The U.S. Senate Committee on Banking, Housing and Urban Affairs is gearing up to make a crucial decision on the renomination of SEC Commissioner Caroline Crenshaw on December 18th.
Initially scheduled earlier this week, the vote was delayed, putting Crenshaw’s reappointment at risk.
If approved this week, Crenshaw will continue her role as commissioner until 2029.
Crenshaw’s Stance on Cryptocurrency
Crenshaw is famously known for her anti-crypto views, even more so than SEC Chair Gary Gensler. Earlier this year, she opposed the approval of Bitcoin exchange-traded funds, going against the agency’s leadership.
Her strong stance against cryptocurrencies has garnered opposition from the industry, with calls for the Senate to reject her renomination.
Kristin Smith, chief technology officer at Blockchain Association, urged Senators to vote against Crenshaw, citing her actions as undermining Congress’s efforts to establish crypto regulatory policies.
Crenshaw has labeled the crypto market as “speculative” and highlighted the lack of investor protections due to many players choosing to operate outside of the SEC’s oversight. She also pointed out the prevalence of scams in the industry.
Potential Implications of Crenshaw’s Renomination
Should Crenshaw fail to be renominated, the SEC will be left with only Republican members at the start of 2025, as the agency is limited to three members from a single party.
Both Gensler and fellow anti-crypto SEC Commissioner Jaime Lizarraga are set to resign in January, further reshaping the leadership landscape at the agency.