The U.S. Senate has abandoned the renomination hearing for anti-crypto Democratic SEC Commissioner Caroline Crenshaw.
Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be renominated to her position following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, December 17, was canceled, according to multiple reports.
The FSOC is a financial system monitoring agency established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
No room for Crenshaw
News of Crenshaw’s canceled vote came after rising opposition to her renomination to the U.S. SEC. Crypto industry leaders and policymakers criticized Democratic senators for attempting to push Crenshaw’s hearing through without proper vetting.
Coinbase CEO Brian Armstrong said blockchain proponents would closely watch the eventual vote, and the outcome would likely impact future StandWithCrypto donations to politicians.
Crenshaw will be remembered as an anti-Bitcoin and crypto-skeptic SEC Commissioner throughout her tenure at the agency. She infamously voted against approving spot Bitcoin (BTC) exchange-traded funds, and frequently aided soon-to-be ex-chair Gary Gensler’s staunch hostility toward blockchain businesses.Â
Crenshaw’s removal from consideration clears the way for President-elect Donald Trump to nominate a new SEC commissioner, potentially shaping the agency’s leadership with officials aligned with his pro-crypto agenda.
Trump has so far pitched former SEC regulator Paul Atkins for SEC chair, pending Senate confirmation. Atkins, a pro-Bitcoin entrepreneur and vocal crypto supporter, would replace Gensler who has announced his resignation effective on Trump’s inauguration.
Last month, fellow Dem SEC Commissioner Jaime Lizárraga also announced plans exit the federal watchdog, citing a need for more family time. The Dem-SEC exodus could hand over agency reins solely to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain, with Atkins likely to join soon.
