- The unique vote was scheduled for December 11, however was postponed by Sherrod Brown, chairman of the Senate Banking Committee
- Congress is scheduled to adjourn on Dec. 20, making it unlikely that Crenshaw might be renominated earlier than President-elect Donald Trump enters the White Home.
- The crypto trade has overtly opposed Crenshaw's renomination
The US Senate's vote to renominate Democrat Caroline Crenshaw for a second time period on the US Securities and Trade Fee (SEC) has been overturned.
In an replace, the U.S. Senate Banking, Housing and City Affairs Committee stated a deliberate vote on the nominations of Crenshaw to the SEC and Gordon Ito to the Monetary Stability Oversight Board has been canceled.
The unique vote was scheduled for December 11; However Sherrod Brown, the chairman of the Senate Banking Committee, shelved it inside minutes of its opening as a result of points between Democrats and Republicans.
On the time, Brown later issued an announcement saying the corporate's particular pursuits have been waging a “disgusting smear marketing campaign in opposition to Caroline Crenshaw.”
With Congress set to recess on Dec. 20 for the vacations, which means Crenshaw is unlikely to be renominated earlier than President-elect Donald Trump's administration re-enters the White Home in January.
Crenshaw's time period formally resulted in June.
Opposition to Crenshaw
The crypto trade has been outspoken in opposition to Crenshaw's reappointment.
In a letter to Brown and Senate Banking Committee Rating Member Tim Scott, the Blockchain Affiliation and the DeFi Training Fund argued that Crenshaw's actions undermined Congress' mandate to set clear regulatory insurance policies for the crypto trade.
Following the information of Crenshaw's reappointment, Brian Armstrong, CEO of Coinbase, instructed X: “She tried to dam Bitcoin ETFs and was worse than Gensler on some points (which I didn't assume was attainable).
With Crenshaw's renomination vote overturned, the SEC might be headed by a Republican majority in the interim.
The SEC can have as much as 5 commissioners, however not more than three can type the identical political get together. Present SEC Chairman Gary Gensler, a Democrat, is stepping down on January twentieth, and SEC Commissioner Jaime Lizárraga, additionally a Democrat, is stepping down on January seventeenth.
Final week, Trump nominated pro-crypto Paul Atkins, a Republican, to chair the SEC.
Together with Gensler and Lizárraga, the three remaining SEC commissioners are Republicans Hester Peirce and Mark Uyeda.
