Important points
The Senate Banking Committee will vote on the SEC's increase on Crenshaw next week. Crenshaw’s opposition to the approval of the Spot Bitcoin ETF serves as a clear example of her anti-cryptocurrency stance.
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The Senate Banking Committee's vote on the reappointment of SEC Commissioner Caroline Crenshaw has been rescheduled for next Wednesday after the committee postponed its original vote due to a procedural conflict, according to FOX Business journalist Eleanor Terret. It is said that
🚨New: Two Senate staffers contacted me as follows. @sensherrodBrown We sent a notice that the Caroline Crenshaw markup vote will be rescheduled for Wednesday at 9:30 a.m.
As I said, it will take two more days for her nomination to be fully voted on in the Senate.
The drama continues. https://t.co/bWwYpVTau3
— Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes before voting was to begin Wednesday morning, it was postponed by Senate Banking Committee Chairman Sherrod Brown and rescheduled for later in the afternoon. However, this adjustment conflicted with Senate rules. Republican senators rejected Brown's request to change the date, a Senate aide told Bloomberg.
Crenshaw's nomination faces time constraints as Congress is less than a week away and lawmakers grapple with spending bills and other legislative priorities, Terret reported.
If Crenshaw's nomination is not processed before Congress adjourns, President-elect Donald Trump will have the power to appoint a new commissioner when he takes office on January 20, 2025.
Crenshaw faces strong opposition from the crypto industry
Crenshaw's nomination bid faces strong opposition from the crypto industry due to her skeptical approach to regulation of the industry. Mr. Crenshaw shares a commitment to strong regulatory oversight with SEC Chairman Gary Gensler, but Mr. Crenshaw's stance is seen as more cautious and strict.
Industry insiders argue that her position is even more harmful than Gensler's.
A key moment demonstrating her skepticism towards cryptocurrencies was her dissent in the vote on the US Spot Bitcoin ETF, where she was one of only two SEC commissioners to oppose its January 2024 approval. He ran as one of the candidates.
That's why the backlash against Crenshaw's nomination grew as the clock ticked toward the end of Congress.
The Digital Chamber of Commerce and other cryptocurrency advocacy groups are campaigning against her confirmation, arguing that her reappointment would hinder the development of balanced digital asset regulation.
If her nomination fails, it could open the door for a new SEC commissioner who could take a more favorable approach to cryptocurrency regulation.
Despite facing strong opposition from the crypto community, Crenshaw's nomination is supported by more than 40 labor and civil society groups who have united to seek her confirmation.
Experts have warned that failure to confirm her could lead to one-party control of the SEC. This change could lead to a lack of diverse political perspectives within the SEC, potentially impairing the SEC's ability to effectively supervise financial markets.
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