According to FOX Business reporter Eleanor Terrett, the Senate Banking Committee has canceled a scheduled vote to vet the renomination of U.S. SEC Member Caroline Crenshaw. Crenshaw, who is known for her skepticism towards cryptocurrencies, will no longer be seeking re-election. Despite the halt in her renomination, Crenshaw will remain in her position as an SEC commissioner until her replacement is confirmed or Congress recesses next year.
In the congressional process, the minority party (in this case, the Democrats) typically propose candidates to fill minority seats on the SEC Commission. However, the President has the authority to accept or reject these proposals. This leaves room for Democrats, possibly influenced by prominent cryptocurrency critic Sen. Elizabeth Warren, to advocate for Crenshaw’s renomination. Ultimately, the decision to renominate Crenshaw will lie with President Donald Trump.
Crenshaw’s departure or renomination could have significant implications for cryptocurrency regulation. As a notable skeptic of cryptocurrencies, Crenshaw has played a key role in the SEC’s stringent regulatory approach towards the industry.
*This translation does not constitute investment advice.
