Senate Banking Committee Cancels Vote
A significant turn of events is shaking up the cryptocurrency landscape: the Senate Banking Committee has scrapped its planned vote on SEC Commissioner Caroline Crenshaw’s renomination. This news, reported by Eleanor Terrett of FOX Business, comes just days before Congress is set to wrap up its session on December 20. As a result, Crenshaw will no longer serve in her commissioner role.
Impact of the Cancellation
Originally scheduled for this morning, the vote faced delays due to procedural challenges. The cancellation means that Crenshaw’s nomination will not move forward before Congress takes its recess, thereby opening the door for President-elect Donald Trump to appoint a new commissioner.
Crenshaw has been a notable influence at the SEC since her first appointment in 2020 under Trump, and her subsequent renomination came during President Biden’s administration. Throughout her tenure, she has worked closely with SEC Chairman Gary Gensler, tackling various regulatory challenges. Notably, they have both been skeptical of initiatives that could bolster the cryptocurrency market, such as greenlighting spot Bitcoin ETFs.
Reactions from the Crypto Community
In light of these circumstances, the crypto community has launched a vigorous campaign aimed at thwarting her renomination. This initiative included targeted digital ads designed to sway lawmakers in their favor. Criticism has surfaced from prominent industry figures like Tyler Winklevoss of Gemini and Emilie Choi, COO of Coinbase, who have publicly expressed their concerns about Crenshaw’s track record. Additionally, organizations such as the Blockchain Association and the Digital Chamber have voiced their opposition to her continuance in the role.
Many in the crypto sector believe that Crenshaw is even more antagonistic toward cryptocurrency initiatives than Gensler, underscoring the rift between regulatory oversight and the burgeoning crypto market.
As this situation continues to evolve, it remains a focal point of interest for industry participants and observers alike.
Source: Cryptobriefing
