The rescheduled vote on SEC Commissioner Caroline Crenshaw’s reappointment by the Senate Banking Committee has caused quite a stir in Washington. Originally set for Wednesday morning, the vote was postponed and rescheduled for later in the afternoon, only to face further complications due to Senate rules.
With Congress on the verge of adjournment, time is running out for Crenshaw’s nomination to be processed. If not confirmed before Congress adjourns, President-elect Donald Trump could potentially nominate a new commissioner once he takes office in January 2025.
Crenshaw’s nomination has been met with strong opposition from the crypto industry, citing her cautious and stringent approach to regulation. Her dissent on the approval of US spot Bitcoin ETFs earlier this year has only fueled the backlash against her nomination.
The Digital Chamber and other crypto advocacy groups have launched campaigns against Crenshaw’s confirmation, arguing that her reappointment would hinder the development of balanced digital asset regulations. However, over 40 labor and civil society organizations have come out in support of her confirmation.
Experts warn that failing to confirm Crenshaw could result in the SEC falling under single-party control, potentially undermining the agency’s ability to effectively oversee financial markets. As the drama unfolds in Washington, all eyes are on the Senate Banking Committee as they prepare for the rescheduled vote on Crenshaw’s reappointment next Wednesday.