The renomination of anti-crypto SEC Commissioner Caroline Crenshaw potentially won’t proceed until the upcoming US 2024 Elections. This is because the composition of the Senate and the White House could potentially change during that time which adds uncertainty to the process.
SEC Commissioner Crenshaw Likely to Be Voted Out
Fox Business journalist Eleanor Terret reported that Crenshaw’s renomination to the SEC is likely to progress as she is likely to be “voted out of Committee”. This means that the Dem-lead Senate Banking Committee will give a positive recommendation.
However, her nomination will face a full Senate vote, which could likely be postponed until after the US election due to a limited number of legislative days left and other major priorities of Senate Majority Leader Chuck Schumer.
Crypto lawyer Mike Selig explained that “upon a change in administration, POTUS can immediately designate a new Chair of the SEC. POTUS can’t force the ex-Chair to resign as a Commissioner, but the ex-Chair would lose the ability to set the SEC agenda, appoint division directors, etc. Gensler would lose power day one”.
However, there’s a caveat to this, said Terret. The Fox Business journalist added that if Crenshaw is confirmed and Gary Gensler decides to stay, the SEC would still maintain a Democratic majority.
Even if former President Donald Trump promotes Hester Pierce to the chair, the Democrats would still hold a 3-2 majority on the Commission. Even if Trump wins the US 2024 Election, he cannot compel Gensler to step down. The critical question then becomes whether Gensler would continue serving as a commissioner through 2026 to maintain the Democratic advantage within the SEC.
Also Read: Pat Toomey: Republicans Should Stop Anti-Crypto SEC Commissioner Crenshaw
Senator Bill Hagerty Questions Crenshaw
In a recent discussion, Senator Bill Hagerty questioned SEC Commissioner Caroline Crenshaw on her opposition to the approval of the spot Bitcoin ETFs earlier this year.
Crenshaw cited the need to make a public interest finding on individual exchange-traded products (ETPs) and expressed concerns over significant fraud in the underlying spot markets globally.
Hagerty interrupted, expressing his deep concern over the SEC’s stance, particularly Crenshaw’s, on cryptocurrencies, which he described as an “important emerging technology.” Additionally, he criticized Crenshaw for allegedly using her position at the SEC to advance climate positions, stating that this goes beyond the agency’s remit.
Also Read: Ripple CEO Brad Garlinghouse Breaks Silence On Crypto-Whitehouse Roundtable
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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