In a potential victory for the crypto industry, the Senate Banking Committee has canceled its vote on the reappointment of a US Securities and Exchange Commission (SEC) commissioner. Carolyn CrenshawKnown for his critical stance on Bitcoin and other digital assets.
The development, reported by Fox Business correspondent Eleanor Tarrett, means Crenshaw will not secure the nomination for her position, as Congress is set to adjourn on December 20.
SEC Commissioner Crenshaw faces backlash over digital asset oversight
according to To Tarrett, a Senate aide indicated that a scheduled markup vote to reappoint Crenshaw has been canceled. While she remains on the commission and can serve until a replacement is confirmed or until Congress reconvenes next year, her future in the role has been thrown into uncertainty.
The process of nominating SEC commissioners usually involves the minority party—in this case the Democratic Party—recommending candidates to fill their seats. While President Trump may consider their suggestions, he is not obligated to follow them.
That leaves open the possibility that Democrats, possibly with the push of influential figures such as Elizabeth Warren, could try to revive Crenshaw’s nomination. Ultimately, it will be up to Trump to nominate him again.
The cancellation comes amid growing pressure from cryptocurrency lobbyists and industry leaders, who have publicly condemned Crenshaw’s Record. Critics argue that SEC Chairman Gary Gensler’s support for industry oversight has been detrimental.
Crenshaw’s characterization of crypto markets as a “petri dish of fraudulent behavior” and his dissent against bitcoin spot approval Exchange Traded Funds (ETFs) have intensified the opposition.
More anti-crypto than Gensler?
Coinbase CEO Brian Armstrong strongly criticized Crenshaw last week, stating, “Carolyn Crenshaw was a failure as an SEC commissioner and should be voted out.” She noted her attempts to block Bitcoin ETFs and suggested that she was even more problematic than Gensler on some issues.
Armstrong also stressed that any support for Crenshaw could negatively affect the ratings of senators on the stand with CryptoScale, an initiative created by a Coinbase-affiliated group to evaluate. Political figures Based on their support for cryptocurrency legislation.
In response to Crenshaw’s perceived anti-crypto stance, the Cedar Innovation Foundation, an industry-backed nonprofit, also launched a five-figure mobile ad campaign targeting him in Washington DC and on social media. Advertisements label him “more anti-crypto than Gensler.”
Additionally, last Monday, leaders of the Blockchain Association and the DeFi Education Fund sent a joint letter to Senate banking leadership opposing Crenshaw’s reconfirmation.
“Congress has a clear mandate from the American people to establish sound and reasonable cryptocurrency-related policies,” they said, expressing concern that Crenshaw’s tenure has been marked by actions contrary to that objective.
Crenshaw’s alignment with Gensler on Progressive Regulatory initiativesAs such, the climate disclosure rule, which aims to require public companies to report their carbon footprints, has also drawn controversy from Republican lawmakers. They argue that the SEC has exceeded its congressional mandate by getting involved in social issues like climate change.
With the recent rejection of his nomination vote, the efforts of crypto lobbyists are bearing fruit. The industry now expects the appointment of another crypto-friendly commissioner to succeed Crenshaw in 2025, which could be another sign. Favorable regulatory environment For digital assets in the United States.
Featured image from DALL-E, chart from TradingView.com
