cyrpto axed, boss, Crenshaw, Cryptoskeptic, renomination, SEC, Senate Mark December 19, 2024 0 Comments

Crypto-skeptic and SEC boss Crenshaw axed from Senate renomination

The US Senate has abandoned the re-nomination hearing for Democratic anti-crypto SEC Commissioner Caroline Crenshaw.

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be reappointed following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Board, originally scheduled for Wednesday, December 17, has been canceled, according to multiple sources. reports.

The FSOC is a financial system oversight agency created in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

https://twitter.com/BitcoinMagazine/status/1869060241490592085

No room for Crenshaw

News of Crenshaw’s vote being canceled came after growing opposition to his reappointment to the US SEC. Crypto industry executives and policymakers criticized Democratic senators for trying to move forward with the Crenshaw hearing without proper review.

Coinbase CEO Brian Armstrong said blockchain supporters would be watching the eventual vote closely and that the outcome would be likely. impact future StandWithCrypto donations to politicians.

The Digital Chamber urges the Senate Banking Committee to oppose the reappointment of Caroline Crenshaw as SEC Commissioner. Its clear anti-crypto bias has perpetuated arbitrary decision-making, stifled innovation, and undermined investor confidence in the digital asset market. Read… pic.twitter.com/e9JNUV2oST

– The Digital Chamber (@DigitalChamber) December 10, 2024

Crenshaw will be remembered as an anti-Bitcoin and crypto-skeptic SEC commissioner throughout her tenure at the agency. She infamously voted against approving the Bitcoin spot (BTC) exchange-traded funds, and often contributed to future ex-president Gary Gensler’s fierce hostility toward blockchain companies.

Crenshaw’s removal clears the way for President-elect Donald Trump to appoint a new SEC commissioner, potentially shaping the direction of the agency with officials aligned with his pro-crypto agenda.

Trump has so far spear former SEC regulator Paul Atkins as SEC chairman, pending Senate confirmation. Atkins, a pro-Bitcoin entrepreneur and strong supporter of crypto, would replace Gensler who announced his resignation effective after Trump’s inauguration.

Last month, SEC Commissioner Jaime Lizárraga also announced plans to leave the federal watchdog, citing the need to spend more time with family. The Dem-SEC exodus could hand the reins of the agency solely to the Republican Party. Only Republican commissioners Hester Peirce and Mark Uyeda remain, and Atkins will likely join them soon.