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The update to the calendar makes it unlikely lawmakers will be able to vote on the SEC commissioner’s nomination before the next session of Congress.
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United States lawmakers in the Senate Banking Committee canceled a markup session to consider the nomination of Caroline Crenshaw for a second term at the Securities and Exchange Commission (SEC).
According to a Dec. 17 update, the banking committee will no longer meet on Dec. 18 to vote on the nomination of Crenshaw to the SEC or Gordon Ito to the Financial Stability Oversight Council.
The canceled session makes it increasingly unlikely Democratic senators will confirm Crenshaw’s nomination before Republicans take majority control of the chamber in January.
Canceling Caroline Crenshaw’s nomination vote. Source: US Senate Banking Committee
Crenshaw, who served as an SEC commissioner under Donald Trump and later under President Joe Biden, had a term ending in June 2024. She is permitted to continue her role at the SEC for 18 months after her term expires.
Crypto interest groups opposing Crenshaw’s nomination had been calling for US lawmakers to vote against her, claiming that she was “more anti-crypto” than SEC Chair Gary Gensler.
More than 40 organizations asked senators to support her nomination, suggesting that Trump was unlikely to pick any Democratic SEC commissioners while in office.
Related: Trump meets with Crypto.com CEO as firm drops SEC lawsuit
The political makeup of the SEC and its regulatory approach to crypto was one of Trump’s central campaign promises to the industry. He pledged to fire Gensler “on day one” if elected and suggested crypto users would be happier with an SEC under his administration.
Will there be a bipartisan SEC under Trump?
Crenshaw is currently one of three Democrats at the SEC, along with Chair Gensler and Commissioner Jaime Lizárraga. Both Gensler and Lizárraga will leave the commission in January before their terms officially end.
It’s unclear whether Senate Republicans will consider Crenshaw’s nomination once the party has a majority in the chamber starting on Jan. 3 or whether Trump could choose an alternative commissioner to replace her. If confirmed, Crenshaw could serve at the SEC until 2029 — otherwise, she would likely be replaced before 2026 or her seat left vacant.
Trump said he intended to nominate former SEC commissioner Paul Atkins to take Gensler’s place once he took office in January. He has also announced the appointment of an “AI and Crypto Czar”: former PayPal chief operating officer David Sacks.
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This article first appeared at Cointelegraph.com News
