Key Takeaways
- The Senate Banking Committee will maintain a markup vote on SEC’s Crenshaw subsequent week.
- Crenshaw’s opposition to the approval of spot Bitcoin ETFs serves as a transparent instance of her anti-crypto stance.
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The Senate Banking Committee’s vote on the reappointment of SEC Commissioner Caroline Crenshaw has been rescheduled for subsequent Wednesday after a procedural battle brought about the committee to postpone the unique vote, in accordance with FOX Enterprise journalist Eleanor Terrett.
🚨NEW: Two Senate staffers have knowledgeable me that @SenSherrodBrown simply despatched discover there shall be a rescheduled markup vote on Caroline Crenshaw Wednesday at 9:30AM.
As I mentioned earlier, that can go away two days to get her nomination to a full Senate vote.
The drama continues. https://t.co/bWwYpVTau3
— Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes earlier than the vote was set to kick off on Wednesday morning, it was postponed by Senate Banking Committee Chair Sherrod Brown and rescheduled for later within the afternoon. Nonetheless, this adjustment clashed with Senate guidelines; Republican senators denied Brown’s request for rescheduling, a Senate aide told Bloomberg.
With Congress approaching adjournment in lower than per week, Crenshaw’s nomination faces time constraints as lawmakers sort out spending payments and different legislative priorities, Terrett reported.
If Crenshaw’s nomination isn’t processed earlier than Congress adjourns, President-elect Donald Trump would achieve the authority to appoint a brand new commissioner when he takes workplace on January 20, 2025.
Crenshaw faces sturdy opposition from the crypto business
Crenshaw’s nomination bid faces strong opposition from the crypto business as a consequence of her skeptical strategy to regulating the sector. Whereas she shares a dedication to sturdy regulatory oversight with SEC Chair Gary Gensler, Crenshaw’s stance is perceived as extra cautious and stringent.
Trade figures have claimed that her place is much more detrimental than Gensler’s.
A key second that portrays her skepticism in direction of crypto is her dissent throughout the vote on US spot Bitcoin ETFs, the place she stood as one among solely two SEC commissioners opposing their approval in January 2024.
That explains why the backlash in opposition to Crenshaw’s nomination has intensified because the clock ticks down towards Congress’ adjournment.
The Digital Chamber and different crypto advocacy teams have mounted campaigns in opposition to her affirmation, claiming her reappointment would impede the event of balanced digital asset laws.
If her nomination fails, it may open the door for a brand new SEC commissioner who may undertake a extra favorable strategy to crypto regulation.
Regardless of dealing with sturdy opposition from the crypto neighborhood, Crenshaw’s nomination is backed by over 40 labor and civil society organizations who’ve united to induce her affirmation.
Specialists warning that failing to substantiate her may outcome within the SEC falling below single-party management. This shift may result in a scarcity of various political viewpoints inside the company, which can undermine the SEC’s potential to successfully oversee monetary markets.
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