The Senate Banking Committee has canceled a planned vote on the reappointment of Caroline Crenshaw as commissioner of the U.S. Securities and Exchange Commission (SEC).
Initially scheduled for December 18, 2024, the markup session was also expected to address the nomination of Gordon Ito to the Financial Stability Oversight Council. However, both votes were abruptly suspended, according to an investigation on 17 December 2024 announcement.
The cancellation casts doubt on Crenshaw’s chances of securing a second SEC term before Republicans take control of the Senate in January.
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Crenshaw faces opposition over his anti-crypto stance
Crenshaw’s current term is about to expire in June 2024, but under SEC rules she can continue to serve for up to 18 months beyond that date if a successor is not confirmed.
Crenshaw, who served under both Former President Donald Trump, and current President Joe Biden, have faced opposition from crypto advocacy groups due to his anti-crypto stance.
In contrast, more than 40 organizations supported his nomination, arguing that the Trump administration is unlikely to appoint Democratic commissioners to the SEC.
BREAKING: A Senate aide just informed me that the Senate Banking Committee is planning a mark-up vote on @SECGov Commissioner Caroline Crenshaw was overruled.
She will not be reappointed to her position.
– Eleanor Terrett (@EleanorTerrett) December 17, 2024
BREAKING: A Senate aide just informed me that the Senate Banking Committee is planning a mark-up vote on Currently, Crenshaw is one of three Democrats on the commission, along with Gensler and Commissioner Jaime Lizárraga. Both Gensler and Lizárraga are expected to leave the SEC in January, even though their terms have not yet expired.
With Republicans poised to control the Senate starting January 3, 2024, it remains unclear whether they will reconsider Crenshaw’s nomination or opt for an alternative candidate.
If confirmed, she could remain on the SEC until 2029. Otherwise, her seat could be left vacant or filled by a Republican-backed candidate.
Trump outlined plans to shake up SEC leadership, pledging to replace Gensler “from day one” if he regains the presidency.
He also announced plans to appoint former SEC Commissioner Paul Atkins to replace Gensler and name former PayPal COO David Sacks as “AI and crypto czar.”
Earlier this month, a digital ad the campaign targeted Crenshawaccusing him of being “even more extreme” than President Gary Gensler.
One of Crenshaw’s main points of contention is his opposition to approving spot Bitcoin exchange-traded funds (ETFs). She also called crypto markets a “petri dish” for fraud, further alienating industry players.
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Coinbase to cut ties with law firms linked to former SEC officials
Brian Armstrong, CEO of Coinbase announced that the crypto exchange would sever ties with law firms employing former SEC officials involved in what it claims is an effort to “illegally kill” the crypto industry.
This came as the SEC took a tougher stance on crypto companies in 2024. Specifically, the regulator taxed nearly $4.7 billion in enforcement actions against crypto companies, an increase of 3,018% compared to 2023.
The fines included forfeitures, disgorgement, civil penalties, settlements, and prejudgment interest, calculated from the time the SEC initiated each case.
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