The vote was originally scheduled for Dec. 11, but was postponed by Sherrod Brown, chairman of the Senate Banking Committee, and Congress is scheduled to adjourn on Dec. 20, so President-elect Donald Trump Crenshaw is unlikely to be renominated before entering the House. The industry has publicly opposed Crenshaw's renomination.
The U.S. Senate's vote to renominate Democrat Caroline Crenshaw for a second term at the U.S. Securities and Exchange Commission (SEC) has been cancelled.
In an update, the U.S. Senate Banking, Housing, and Urban Affairs Committee announced that scheduled votes on the nominations of Crenshaw to the SEC and Gordon Ito to the Financial Stability Oversight Council have been canceled.
The vote was originally scheduled for December 11th. But Senate Banking Committee Chairman Sherrod Brown adjourned within minutes, citing issues between Democrats and Republicans.
At the time, Brown later issued a statement saying that corporate special interests were waging a “disgusting smear campaign against Caroline Crenshaw.”
However, with Congress scheduled to adjourn for vacation on Dec. 20, Crenshaw is unlikely to be renominated before President-elect Donald Trump's administration rejoins the White House in January. It means that.
Crenshaw's term officially ended in June.
Crenshaw's Opponents
The crypto industry has publicly opposed Crenshaw's reappointment.
In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and DeFi Education Fund said Crenshaw's actions are a sign of Congress's commitment to establishing clear regulatory policies for the crypto industry. They argued that it undermined the mission.
Following news of Crenshaw's reappointment, Coinbase CEO Brian Armstrong told X: “She tried to block Bitcoin ETFs, but on some issues Gensler (I didn't think it was possible).''
With Crenshaw's nominating vote canceled, Republicans may have a majority in the SEC for some time to come.
The SEC can have up to five members, but no more than three members can be from the same political party. Current SEC Chairman Gary Gensler (Democrat) will resign on January 20th, and SEC Chairman Jaime Lizarraga, also a Democrat, will resign on January 17th.
Last week, President Trump nominated pro-cryptocurrency Republican Paul Atkins to head the SEC.
Including Gensler and Lizarraga, the other three SEC commissioners are Republicans Hester Peirce and Mark Ueda.
