US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw

• The unique vote was scheduled for December 11, however was postponed by Sherrod Brown, the Senate Banking Committee Chair
• Congress is because of cease on December 20, so it’s unlikely that Crenshaw will probably be renominated earlier than President-elect Donald Trump enters the White Home
• The crypto business has overtly opposed the renomination of Crenshaw

A US Senate vote to renominate Democrat Caroline Crenshaw for a second time period on the US Securities and Trade Fee (SEC) has been canceled.

In an replace, the US Senate Committee on Banking, Housing, and City Affairs stated the scheduled vote on the nomination of Crenshaw to the SEC and Gordon Ito to the Monetary Stability Oversight Council had been canceled.

The unique vote was scheduled for December 11; nonetheless, Sherrod Brown, the Senate Banking Committee Chair, postponed it inside minutes of beginning, because of points between the Democrats and Republicans.

On the time, Brown later launched an announcement saying that company particular pursuits are working a “disgusting smear marketing campaign in opposition to Caroline Crenshaw.”

But, with Congress because of cease on December 20 for the vacations, it means Crenshaw is unlikely to be renominated earlier than President-elect Donald Trump’s administration re-enters the White Home in January.

Crenshaw’s time period formally resulted in June.

Opposition to Crenshaw

The crypto business has been overtly against the reappointment of Crenshaw.

In a letter to Brown and Senate Banking Committee Rating Member Tim Scott, the Blockchain Affiliation and the DeFi Training Fund argued that Crenshaw’s actions have undermined Congress’s mandate to ascertain clear regulatory insurance policies for the crypto business.

Following the information of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to dam the Bitcoin ETFs, and was worse than Gensler on some points (which I didn’t assume was potential).”

With Crenshaw’s renomination vote canceled, the SEC may have a Republican majority main it in the meanwhile.

The SEC could make as much as 5 commissioners, however not more than three can type the identical political celebration. Present SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, additionally a Democrat, will step down on January 17.

Final week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Together with Gensler and Lizárraga, the three remaining SEC commissioners are Republicans Hester Peirce and Mark Uyeda.