Members of the U.S. Senate’s Banking Committee are reportedly gearing up for yet another attempt to confirm Caroline Crenshaw for a second term at the Securities and Exchange Commission (SEC).
This effort comes just ahead of a significant turnover in Congressional leadership set to occur in January.
Confirmation Vote Scheduled
According to a report from Punchbowl on December 15, Senator Sherrod Brown, the outgoing chair of the Banking Committee, has scheduled a vote on Crenshaw’s nomination for December 18.
Initially, the committee had intended to hold this vote on December 11, shortly after President Biden nominated her once again for the position.
Senator Brown suggested that the delay in the confirmation process may be linked to actions by Republican senators, who he accused of siding with corporate lobbyists.
There are indications this could be tied to interests in the cryptocurrency industry, particularly given that the Cedar Innovation Foundation—a shadowy group with ties to crypto—has been vocal in opposing Crenshaw’s nomination.
Crenshaw’s Track Record and Future Concerns
Caroline Crenshaw has served as an SEC commissioner since 2020 and received her re-nomination from President Biden in June.
However, with the Senate poised for a leadership shift, her nomination has yet to be addressed by lawmakers.
Critics of Crenshaw argue that she takes a tougher stance on cryptocurrencies than even the current SEC Chair, Gary Gensler.
They point to her opposition earlier this year to approving a spot Bitcoin exchange-traded fund as evidence of her more aggressive approach.
Time is running short for the Banking Committee to act on Crenshaw’s nomination.
With both Commissioner Jaime Lizárraga and Chair Gensler set to leave in January, she could soon find herself as the only Democratic voice on the commission.
Implications of a Republican Majority
Supporters of Crenshaw are expressing alarm that former President Trump might not propose new nominees for the SEC, which could leave the regulatory body entirely under Republican control.
Under Gensler, the SEC has aggressively pursued enforcement actions against various cryptocurrency firms, alleging they have sold unregistered securities via specific digital tokens.
This rigorous approach has faced backlash from within the crypto sector, with some attributing it to the electoral loss of Democrat Kamala Harris to Trump in the November presidential election.
As lawmakers in the new U.S. Senate and House prepare to take office on January 3, Republicans are expected to establish a majority in both chambers.
Senator Brown, who was defeated by Republican Bernie Moreno, will pass the chairmanship of the Banking Committee to Tim Scott.
Meanwhile, Massachusetts Senator Elizabeth Warren, who successfully secured her seat against Republican John Deaton, will step into the role of the lead Democrat on the committee, a position that holds considerable sway over cryptocurrency and blockchain policy.
Trump has signaled his intention to nominate former SEC Commissioner Paul Atkins as Gensler’s successor.
The crypto industry has rallied behind Atkins, but any nomination will require Senate confirmation, which could be complicated by the impending shift in majority control.
Source: Cointelegraph
