Outside Source
A letter sent to the Senate signed by more than 40 organizations suggested that Donald Trump might not abide by tradition and nominate Democrats to the SEC at all.
News
Consumer advocacy organization Public Citizen and other interest groups are urging lawmakers in the United States to act and confirm Caroline Crenshaw to a second term at the Securities and Exchange Commission (SEC) before the next Congress is sworn in.
In a Dec. 12 letter to the US Senate, more than 40 organizations asked lawmakers to vote yes on Crenshaw’s nomination, which could have her working at the SEC until 2029.
The Senate Banking Committee was expected to decide on the SEC commissioner’s nomination on Dec. 11 before a postponement, having many questioning whether lawmakers have enough time to confirm Crenshaw in the current session of Congress.
“At stake is the reality of a bipartisan SEC,” said the letter. “The incoming Trump administration has signaled they are considering breaking from the tradition that provides for the opposition party to select candidates for the two minority seats.”
Crenshaw, a Democrat, was initially nominated for a term expiring in June 2024, but she is allowed to continue working at the SEC until the end of 2025. With President-elect Donald Trump expected to be inaugurated on Jan. 20 and new members of Congress with a Republican majority being sworn in on Jan. 3, Democrats have a very narrow window of opportunity to confirm the SEC commissioner while they hold the Senate.
SEC changing hands after US election
Trump made firing Gary Gensler one of his central campaign promises to the crypto industry. After the presidential election, the SEC chair announced that he would step down on Jan. 20. Commissioner Jaime Lizárraga is also planning to leave the SEC on Jan. 17, leaving Crenshaw as potentially the sole remaining Democrat at the agency.
Many in the crypto industry have been calling on senators to oppose Crenshaw’s nomination, with some claiming she was more “anti-crypto” than Gensler. Crenshaw voted against SEC approval of the spot Bitcoin (BTC) exchange-traded fund in January.
Related: Sherrod Brown’s final committee message includes a crypto warning
According to the SEC, “to ensure that the Commission remains non-partisan, no more than three Commissioners may belong to the same political party.” However, if this practice is not a regulation or law, there is no guarantee Trump will abide by the “tradition,” as he has shown a propensity for breaking norms in government.
Sherrod Brown, who chairs the Senate Banking Committee overseeing Crenshaw’s nomination, had not suggested a timeline for introducing the vote at the time of publication. Following the departure of Gensler and Lizárraga in January, Republicans Hester Peirce and Mark Uyeda will be among the three remaining SEC commissioners.
Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower
This article first appeared at Cointelegraph.com News
