Regulation
The Senate Banking Committee’s cancellation of Caroline Crenshaw’s renomination vote signals a major shift at the SEC.
The U.S. Senate Banking Committee has canceled its scheduled markup vote on SEC Commissioner Caroline Crenshaw's renomination, a decision that effectively halts her path to serving a second term. The vote, originally planned for December 18, was removed from the committee’s agenda, making it increasingly unlikely her renomination will move forward before Congress adjourns on December 20.
Caroline Crenshaw, known for opposing spot #Bitcoin ETFs, will not be renominated as SEC Commissioner.
— TFTC (@TFTC21) December 17, 2024
The Senate Banking Committee’s vote has been canceled. pic.twitter.com/Mxbt2z3J1q
Crenshaw, who was first appointed to the Securities and Exchange Commission (SEC) under President Donald Trump in 2020 and later renominated by President Joe Biden, has aligned closely with SEC Chair Gary Gensler on key regulatory matters. Throughout her tenure, Crenshaw has been a notable opponent of Bitcoin initiatives, including voting against the approval of spot Bitcoin ETFs.
Industry groups mobilized against Crenshaw’s renomination, criticizing her regulatory approach and calling for lawmakers to oppose her bid. The Blockchain Association, along with over 40 organizations, described her as “more anti-crypto than Gensler.” Executives from Gemini and Coinbase, also voiced public opposition, emphasizing their concerns over her perceived resistance to "crypto innovation."
The canceled vote carries significant implications. With Republicans set to take majority control of the Senate in January, Crenshaw’s nomination faces further uncertainty. If not confirmed, the seat may remain vacant or be filled by a new nominee under the incoming administration.
Crenshaw's term officially ends in June 2024, but SEC commissioners are permitted to continue serving for up to 18 months after their term expires. However, the political dynamics surrounding her position, including Republican calls for SEC reform and leadership changes, leave her future at the agency unclear.
The Bitcoin industry now turns its focus to the SEC’s composition moving forward, particularly under potential Republican leadership. Former President Trump has previously pledged to remove Gensler and install a more Bitcoin-friendly regulatory framework if elected.
