SEC Commissioner Caroline Crenshaw committee vote postponed: Report

As a seasoned crypto investor with a keen eye for regulatory developments, I find myself deeply concerned about the uncertain future of the SEC under the current circumstances. The postponement of Caroline Crenshaw’s re-nomination vote has cast a shadow of doubt over the balance of power within the commission, potentially tipping the scales in favor of a three-person Republican SEC under the Trump administration.

As a crypto investor, I’ve been keeping an eye on the SEC, and the delay in re-nominating Commissioner Caroline Crenshaw has left me uncertain about her future role within the commission. This postponement leaves her current position at the agency hanging in the balance.

Initially, Crenshaw’s re-nomination vote was set for December 11 during a US Senate Banking Committee Hearing in the morning. But, as per a Bloomberg report, the Senate Banking Committee Chair, Sherrod Brown, unexpectedly postponed the meeting right before it started.

On December 11th, Senator Brown expressed disappointment as Republican Senators thwarted her attempt to postpone the vote scheduled for the same day. In a subsequent statement, she accused certain corporate interests of orchestrating a distasteful smear campaign against her.

No date for her renomination has been set yet.

Delaying Crenshaw’s nomination vote could lead to the Securities and Exchange Commission (SEC) potentially having a three-member Republican commission under President Trump’s administration, assuming he is inaugurated next year.

Additionally, there’s a chance that President-elect Trump might choose Republican Paul Atkins as his replacement for Crenshaw on the board.

On December 4th, Trump announced that he had chosen Atkins for his nomination as the next chair of the SEC. Experts anticipate that Congress will verify Atkin’s appointment between March and April 2025, provided the Senate Banking Committee can expedite other nominations promptly.

During an appearance on the Unchained Crypto podcast on December 7th, Digital Chamber President Cody Carbone stated that Trump could reinforce his influence over the agency by appointing an independent to the five-member board, thereby creating a situation where four out of the five commissioners would align with Trump’s views.

Presently, the roster of SEC Commissioners consists of two Republicans, Hester ‘Crypto Mom’ Peirce and Mark Uyeda, along with three Democrats, Caroline Crenshaw, Gary Gensler, and Jaime Lizarraga.

If Crenshaw is re-nominated, she will be the only Democrat on the SEC’s commission.

Last month, on November 21st, the present SEC Chair, Gary Gensler, declared his intention to resign as Chair and leave the organization completely by January 20th, 2025.

Additionally, Lizarraga mentioned that he intends to leave the agency on January 17th, so he can be with his wife who is bravely battling breast cancer at this moment.

A significant number of individuals in the cryptocurrency sector are advocating for the removal of the current SEC Commissioner, whom Brian Armstrong, CEO of Coinbase, has referred to as a “disappointment” in a December 9th post on platform X.

Armstrong stated, “She made efforts to prevent the approval of Bitcoin ETFs, and I never thought anyone could surpass Gensler in this regard, but she did. The Senate Banking Committee ought to pay attention – the cryptocurrency community is closely observing this decision.

In a letter dated December 11th, President of The Digital Chamber, Cody Carbone, expressed his disagreement with their negative views on cryptocurrency, addressing both Governor Brown and Senator Tim Scott.

In his response to Commissioner Crenshaw’s objection towards Spot Bitcoin ETPs, Carbone argued that she portrayed an incorrect image of the integrity of the Bitcoin market by using old data and weak reasoning that neglected crucial improvements in market infrastructure and regulation.

2024-12-12 09:09

Read More