One of the most significant events this week indicated that cryptocurrency in the U.S. might soon breathe easy. Trump clearly stated that the pressure on cryptocurrencies would end and has begun to take steps in this direction. Appointments of the Treasury Secretary, Commerce Secretary, and SEC Chairman have favored pro-crypto individuals. More developments unfolded today.
Positive News for Cryptocurrencies
A vote for SEC member Caroline Crenshaw was scheduled for tomorrow; however, a recent announcement indicated she would not participate, allowing Trump to appoint another member to the SEC. This means that Caroline Crenshaw, known for her anti-crypto stance, will not be part of the new era.
Wu reported that FOX Business reporter Eleanor Terrett stated the Senate Banking Committee canceled the planned review vote regarding Crenshaw’s reappointment. Crenshaw will not be re-nominated.
SEC’s Control Over Cryptocurrencies
Trump does not want anti-crypto individuals to remain in critical institutions. He openly stated he would dismiss SEC Chairman Gensler, who announced he would leave his position on January 20, 2025, after Trump’s election victory. On that day, Trump will officially take office in a handover ceremony with Biden.
Due to resistance from Republicans, Crenshaw cannot be re-elected as an anti-crypto candidate.
An official from the Senate Banking Committee noted, “Although we have support in the Committee to advance the nominations, we ran out of time partly because Republicans blocked the Committee’s meeting last week. Due to limited time, we couldn’t find a way to confirm these nominations in this Congress.”
If Crenshaw is not re-nominated, the SEC will fully fall under Republican control by next year. Crenshaw was the only Democrat on the commission. Last month, Bloomberg Law announced that another Democratic Commissioner, Jaime Lizárraga, would resign in January for family reasons. Gensler is also leaving in January.
Currently, three Republican commissioners remain to manage the SEC: Mark Uyeda, Hester Peirce, and newly appointed Chairman Paul Atkins. New Chairman Paul’s job regarding crypto has become easier since Mark and Hester have previously supported Spot BTC and ETH ETF approvals, criticizing the SEC under Gensler’s leadership for its anti-crypto stance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
