Cryptoskeptic and SEC chief Crenshaw barred from Senate re-election

The US Senate abandoned the re-election hearing of Democratic SEC anti-crypto commissioner Caroline Crenshaw.

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be reappointed to her position following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, Dec. 17, has been canceled, according to multiple <a target="_blank" href="https://x.com/EleanorTerrett/status/1869057128373391679″ target=”_blank” rel=”nofollow”>information.

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

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No place for Crenshaw

News of Crenshaw's de-voting came after growing opposition to his reappointment to the US SEC. crypto industry leaders and policymakers criticized Democratic senators for attempting to push through the Crenshaw hearing without proper investigation.

Coinbase CEO Brian Armstrong said blockchain advocates would closely monitor the eventual vote, and that the outcome would likely affect StandWithCrypto's future donations to politicians.

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Crenshaw will be remembered as an anti-bitcoin and crypto-skeptic SEC commissioner during her tenure at the agency. She infamously voted against the approval of bitcoin (btc) exchange-traded funds and frequently contributed to soon-to-be former President Gary Gensler's staunch hostility toward blockchain businesses.

Removing Crenshaw from consideration clears the way for President-elect Donald Trump to nominate a new SEC commissioner, potentially shaping the agency's leadership with officials aligned with his pro-crypto agenda.

So far, Trump has nominated former SEC regulator Paul Atkins for SEC chairman, pending Senate confirmation. Atkins, a pro-bitcoin businessman and strong supporter of cryptocurrencies, would replace Gensler, who announced his resignation upon Trump's inauguration.

Last month, Democratic SEC Commissioner Jaime Lizárraga also announced plans to leave the federal watchdog, citing the need for more family time. The exodus between Democrats and the SEC could hand the reins of the agency solely to the Republican Party. Only Republican commissioners Hester Peirce and Mark Uyeda remain, and Atkins is likely to join soon.