A Senate committee vote on the re-nomination of Democratic Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.
Originally scheduled for December 11 as part of a U.S. Senate Banking Committee hearing, the vote was delayed just minutes before it was due to begin, according to a report from Bloomberg.
Senate Banking Committee Chair Sherrod Brown called for the delay, but his request to reschedule the vote for later in the day was blocked by Republican Senators.
Brown later criticized what he described as a “disgusting smear campaign” against Crenshaw, attributing it to corporate special interests.
No New Date Yet Set for Crenshaw’s Renomination
No new date has been set for Crenshaw;s renomination.
The delay opens the door for the potential creation of a three-person Republican-led SEC once Donald Trump assumes office next year.
It also raises the possibility that President-elect Trump could nominate Republican Paul Atkins to replace Crenshaw.
On December 4, Trump nominated Atkins for SEC Chair, with pundits predicting that Congress may confirm his appointment between March and April 2025, depending on the progress of other nominees.
In a recent appearance on the Unchained Crypto podcast, Cody Carbone, President of The Digital Chamber, suggested that Trump might further consolidate his influence over the agency by nominating an independent commissioner, potentially shifting the SEC’s composition to a 4-1 Republican majority.
Currently, the SEC is composed of two Republicans—Hester “Crypto Mom” Peirce and Mark Uyeda—and three Democrats, including Crenshaw, Gary Gensler, and Jaime Lizarraga.
If Crenshaw is re-nominated, she would remain the only Democrat on the SEC’s commission.
In November, SEC Chair Gary Gensler announced that he would step down on January 20, 2025.
Additionally, Commissioner Jaime Lizarraga is set to depart on January 17 to care for his wife, who is battling breast cancer.
These departures could shift the SEC’s dynamics further, depending on how nominations are handled in the coming months.
Crypto Community Criticizes Crenshaw
Crenshaw’s tenure at the SEC has been met with criticism, particularly from the crypto industry.
Coinbase CEO Brian Armstrong, in a December 9 post on X, described her as a “failure of an SEC Commissioner.”
He criticized her opposition to Bitcoin ETFs, claiming she was even more detrimental to the crypto space than Gensler.
Caroline Crenshaw was a failure as an SEC Commissioner and should be voted out.
She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).
The Senate Banking Committee should take note – the crypto community is watching… https://t.co/JQyp2zYaY2
Cody Carbone also expressed concerns about Crenshaw’s stance on crypto in a December 11 letter to Brown and Republican Senator Tim Scott.
Carbone argued that Crenshaw’s dissent on spot Bitcoin ETPs was based on outdated data and failed to recognize improvements in market structure and oversight.
As Cryptonews reported earlier, President-elect Donald Trump is considering selecting Paul Atkins as SEC Chair.
Atkins, who previously served under SEC chairs Richard Breeden and Arthur Levitt, is “crypto savvy” and has a “deep understanding of the inner workings of the agency.”
Trump, who most recently launched his family’s crypto platform, World Liberty Financial, has regularly vowed to enact a crypto-friendly regulatory framework upon returning to the Oval Office.
As of late, the SEC has been facing growing criticism due to its “regulation-by-enforcement” approach to the crypto industry.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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