Key Takeaways
- The Senate Banking Committee will maintain a markup vote on SEC’s Crenshaw next week.
- Crenshaw’s opposition to the approval of spot Bitcoin ETFs serves as a transparent instance of her anti-crypto 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 a procedural battle prompted the committee to postpone the unique vote, in accordance to FOX Business journalist Eleanor Terrett.
🚨NEW: Two Senate staffers have knowledgeable me that @SenSherrodBrown simply despatched discover there will probably be a rescheduled markup vote on Caroline Crenshaw Wednesday at 9:30AM.
As I mentioned earlier, that may depart two days to get her nomination to a full Senate vote.
The drama continues. https://t.co/bWwYpVTau3
— Eleanor Terrett (@EleanorTerrett) December 14, 2024
Minutes earlier than the vote was set to kick off on Wednesday morning, it was postponed by Senate Banking Committee Chair Sherrod Brown and rescheduled for later within the afternoon. However, this adjustment clashed with Senate guidelines; Republican senators denied Brown’s request for rescheduling, a Senate aide instructed Bloomberg.
With Congress approaching adjournment in lower than every week, Crenshaw’s nomination faces time constraints as lawmakers deal with spending payments and different legislative priorities, Terrett reported.
If Crenshaw’s nomination isn’t processed earlier than Congress adjourns, President-elect Donald Trump would acquire the authority to nominate a brand new commissioner when he takes workplace on January 20, 2025.
Crenshaw faces robust opposition from the crypto business
Crenshaw’s nomination bid faces robust opposition from the crypto business due to her skeptical method to regulating the sector. While she shares a dedication to robust regulatory oversight with SEC Chair Gary Gensler, Crenshaw’s stance is perceived as extra cautious and stringent.
Industry figures have claimed that her place is much more detrimental than Gensler’s.
A key second that portrays her skepticism in the direction of crypto is her dissent through the vote on US spot Bitcoin ETFs, the place she stood as one in all solely two SEC commissioners opposing their approval in January 2024.
That explains why the backlash towards Crenshaw’s nomination has intensified because the clock ticks down towards Congress’ adjournment.
The Digital Chamber and different crypto advocacy teams have mounted campaigns towards her affirmation, claiming her reappointment would impede the event of balanced digital asset rules.
If her nomination fails, it might open the door for a brand new SEC commissioner who might undertake a extra favorable method to crypto regulation.
Despite going through robust opposition from the crypto neighborhood, Crenshaw’s nomination is backed by over 40 labor and civil society organizations who’ve united to urge her affirmation.
Experts warning that failing to verify her might end result within the SEC falling below single-party management. This shift may lead to an absence of various political viewpoints throughout the company, which can undermine the SEC’s capability to successfully oversee monetary markets.
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