The Senate Banking Committee has canceled its planned vote on reappointing Caroline Crenshaw as a U.S Securities and Exchange Commission’s (SEC) Commissioner.
Due to procedural conflicts, the Senate called off the voting process, originally slated for December 18.
The Congress is scheduled to reconvene on December 20. This new development has cleared the way for President-elect Donald Trump to nominate a new commissioner.
Caroline Crenshaw’s Renomination Is Canceled
Crenshaw’s time at the SEC began in 2020 under the Trump administration and was later renominated by President Joe Biden.
During her tenure, she criticized the crypto industry and crypto policies. Her perspectives aligned with that of SEC Chairman Gary Gensler. She mounted a tough stance on spot Bitcoin ETF approvals.
With the Senate canceling the renomination vote, Crenshaw’s anti-crypto stance will no longer influence future policies.
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This delay means she will not have the chance to continue pushing her agenda, and a new nominee may take her place in the near future.
Crypto Industry Is Against Anti-Crypto Regulators
In response to the renomination bid of Representative Crenshaw, the crypto industry demonstrated an organized and vocal opposition.
Prominent figures in the industry were vocal in opposing Caroline Crenshaw’s regulatory stance.
Tyler Winklevoss, Gemini’s co-founder, and Brian Armstrong, Coinbase’s CEO, were among those who spoke out publicly. They expressed their concerns about Crenshaw’s tough regulatory stance.
The Blockchain Association and the Digital Chamber, key advocacy groups in the crypto space, also made their disapproval known.
The groups signaled that Crenshaw’s views could significantly threaten the industry’s future.
Industry leaders have consistently criticized her for being more anti-crypto than Gensler.
The industry launched a campaign against Crenshaw. Prominent actions, including digital ads, are aimed at lawmakers to sway the vote and influence public opinion.
These ads focused on the risks of her regulatory approach, stressing that her stance could hinder industry innovation. Per reports, more than 107,000 emails from Stand with Crypto advocates were sent to the Senate to oppose Crenshaw’s renomination.
This fierce pushback highlights the growing tension between regulatory bodies and the crypto sector’s desire for more favorable policies.
Hopes for a Better US SEC Under Chair Paul Atkins
With Crenshaw out of the running, many are hoping for a shift in direction at the US SEC. With new leadership, particularly when Paul Atkins takes charge, there is hope for a shift in the SEC’s approach.
Many in the crypto industry believe Atkins could create a more favorable regulatory environment. This change is a basis to boost innovation and growth in the digital asset space.
Recently, Atkins mentioned that in his first 100 days in office, he plans to reform SEC enforcement practices and make regulations fairer.
He emphasized that he aims to create a better environment for financial innovation, particularly in crypto.
Atkins also wants to simplify processes and reduce unnecessary costs for businesses.
Industry figures are eager for a regulatory approach that balances oversight with supporting growth in digital finance. They hope his tenure will help the sector thrive while ensuring necessary protections.
As the dust settles, the crypto industry is poised to advocate for policies that support its growth.
With the change in SEC leadership, there is hope that the new chair will create space for the sector to flourish. This shift could mark a new chapter for digital finance, offering the industry a chance to thrive.
