A vote to reconfirm SEC Commissioner Caroline Crenshaw was canceled Wednesday, potentially ending her chances of another term at the top U.S. digital assets regulator — a major victory for the crypto industry to expand its influence on Capitol Hill.
The U.S. Senate Banking Committee was set to vote last Wednesday on whether to extend Crenshaw's tenure at the SEC, where the regulator has served through 2020. Canceled. On the Senate website.
A Senate aide familiar with the matter said the vote is now unlikely to be rescheduled. Decrypt. This means that the chances of Crenshaw's other word being confirmed by Wall Street's top cop are close to zero.
“It's basically dead,” said Cody Carbone, a crypto lobbyist and president of the Digital Chamber. Decrypt Crenshaw's re-nomination.
To stay on the SEC, Crenshaw would have to get confirmation from the Senate Banking Committee before the end of the current session of Congress. But the 2024 congressional calendar ends today, December 18.
After that date, Crenshaw could continue her shot at another term on the commission—but she would have to get approval from a new Republican-controlled Congress that comes into session next year. That is highly unlikely.
“Republicans are not going to bring her nomination forward,” Carbone said.
Crenshaw is one of the latest targets of pro-crypto lobbyists' efforts to reshape the SEC. The regulatory agency consists of a chairman and five commissioners who are approved by the Senate and appointed by the US president for five-year terms.
President Biden reappointed Crenshaw to the commission after the supervisor's term expired in June. However, it seems more likely that the commission will get a three-person Republican in the coming years.
SEC Chairman Gary Gensler, who has led a crusade against crypto during the Biden administration, indicated last month that he would. Resignation from the agency In January. Democrat-backed SEC commissioner Jaime has Lazar. as well He left the commission.
President-elect Donald Trump has named former SEC Commissioner Paul Atkins as the agency's next chairman.
Digital asset advocates launched an aggressive campaign to unseat Crenshaw in the lead-up to the Senate committee's vote on the nomination.
With Crypto, a nonprofit crypto advocacy group backed by crypto exchange Coinbase, announced that more than 100,000 letters opposing Crenshaw's reappointment to the SEC had flooded the lawmaker's inbox.
Meanwhile, two pro-crypto lobby groups, the Blockchain Association and the Diffie Education Fund; He pleaded Lawmakers filed a letter earlier this week to block Crenshaw's nomination. At the same time, the crypto industry-backed Cedar Innovation Foundation made an announcement. Campaign Calling Crenshaw “more anti-crypto” than the much-maligned Gensler.
Coinbase CEO Brian Armstrong jumps into the fray by calling out lawmakers in X Post It was to obstruct the appointment of the commissioner last week.
Supporters of the digital asset industry helped self-proclaimed crypto champion Donald Trump return to the White House in last month's election, while Fairshack, a super PAC backed by the digital currency industry, raised hopes that digital asset-friendly regulations could take root in the United States. The most crypto-friendly US congressional election to date.
Additional reporting by Sander Lutz
Edited by Andrew Hayward.
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