Michaela Alvez
The U.S. Senate Banking Committee has called off the renomination hearing for U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw, possibly marking the end of her tenure at the agency.
Fox Business journalist Eleanor Terrett reported that a Senate aide confirmed the cancellation. The decision comes amid rising opposition from both the crypto industry and policymakers. Crenshaw’s critics have expressed concern over Democratic senators attempting to fast-track her hearing without sufficient scrutiny.
Crenshaw became a highly controversial figure in the cryptocurrency sector because of her firm stance on regulation. She is particularly known for her opposition to the approval of Bitcoin spot ETFs, a position that reflected broader concerns about fraud and market manipulation within the industry. The SEC Commissioner previously stated that her opposition to these products was primarily driven by concerns over investor protection.
Crenshaw’s anti-crypto stance has significantly shaped her reputation within the crypto community, with one advocacy group even labeling her as more opposed to cryptocurrency than current SEC Chair Gary Gensler. As a result, the group launched a media campaign opposing her renomination prior to the announcement of the cancellation of the hearing.
The SEC Commissioner remains in her role and can continue serving until a replacement is confirmed or until Congress adjourns next year. Under Congressional procedures, it is customary for the minority party — in this case the Democrats — to recommend candidates for vacant positions.
President-elect Donald Trump has the option to consider these recommendations, but he is not obligated to follow them. If influenced by figures such as Elizabeth Warren, Democrats may propose Crenshaw’s renomination, leaving it up to Trump to decide whether or not to move forward with it.
Crenshaw’s pending departure has generated significant reactions within the crypto community. In a post on X, Senator Bill Hagerty revealed that he and his Republican colleagues successfully blocked Banking Democrats’ last-minute attempt to install an “anti-crypto, climate activist at the SEC.”
“I look forward to seeing America’s capital markets strong again,” Hagerty said in his video.
The upcoming departures of Caroline Crenshaw and Gary Gensler will bring significant change to the SEC in early 2025, leaving the agency temporarily with a Republican-majority commission. However, under federal law, the SEC must have at least two Democratic commissioners to maintain its bipartisan structure.
Conversely, in an effort to maintain the SEC’s strong enforcement approach, former SEC official John Reed Stark shared on the social media platform X that Gensler had quietly promoted three senior crypto-enforcement attorneys to key executive roles.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
