Just In: US Senate Cancels Renomination Plans For US SEC Commissioner Caroline Crenshaw

Kelvin Munene Murithi
December 17, 2024
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US Senators Reintroduce PROOF Act To Set Reserve Standards for Crypto Firms

Highlights

  • Senate cancels SEC vote, ending Caroline Crenshaw’s renomination chances.
  • Crenshaw’s anti-crypto stance, including Bitcoin ETF rejections, sparks industry relief.
  • Trump’s nominee, Paul Atkins, signals crypto-friendly SEC shift ahead.

The U.S. Senate Banking Committee has canceled its scheduled markup vote on the renomination of U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw. This decision effectively ends her chances of serving another term at the regulatory agency.

Senate Cancels Scheduled SEC Commissioner Vote for Renomination

The Senate Banking Committee was set to hold a vote on Crenshaw’s renomination on Wednesday. However, a Senate aide confirmed that the meeting has been called off due to a lack of legislative floor time.

This cancellation indicates that Crenshaw will not be renominated for another term as SEC Commissioner.

Crenshaw has been a divisive figure in the cryptocurrency industry due to her strict regulatory views. She is widely known for voting against the approval of Bitcoin spot ETFs. Her stance aligns with broader concerns about fraud and market manipulation in the crypto sector. In her earlier statements, Crenshaw emphasized investor protection as the main reason for opposing these products.

Caroline Crenshaw Position on Cryptocurrency Regulation

Caroline Crenshaw has been one of the most vocal opponents of cryptocurrency within the SEC. She has consistently supported stricter oversight of the digital asset industry, often taking positions viewed as even more stringent than those of SEC Chair Gary Gensler.

In January 2024, Crenshaw expressed concerns about the Bitcoin spot market, arguing that it fails to meet the regulatory standards set for traditional investment products.

“These products lack sufficient investor protection and oversight, which could harm consumers,” she stated earlier this year.

Her departure comes at a time when the cryptocurrency industry has been pushing for clearer and more favorable regulatory frameworks. Major industry players, including Coinbase and Ripple, have openly criticized Crenshaw for what they consider anti-crypto policies.

Crypto Industry and Political Reactions

Crenshaw’s pending departure has generated significant reactions within the crypto industry. Organizations such as The Digital Chamber have actively opposed her renomination, citing her approach as detrimental to innovation in the digital asset sector. Bill Hughes, a legal expert at ConsenSys, stated that Crenshaw’s regulatory track record stands in contrast to growing bipartisan support for crypto-friendly policies.

Ripple’s Chief Legal Officer, Stuart Alderoty, recently criticized Crenshaw, describing her stance as more rigid than Chair Gensler’s. He further argued that her policies have negatively affected the cryptocurrency landscape.

Caroline Crenshaw’s exit, along with SEC Chair Gary Gensler and Commissioner Jaime Lizárraga, marks a major shift at the agency in early 2025. These departures will leave the SEC with only Republican commissioners for the time being. However, the law requires at least two Democratic commissioners to maintain bipartisan balance at the agency.

President-elect Donald Trump has recently nominated Paul Atkins, a crypto-friendly libertarian, to replace Gary Gensler as SEC Chair which signals a potential shift in the regulatory approach toward digital assets.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.