News 
December 17, 2024 
3 min. 
United States lawmakers in the Senate Banking Committee are making a final effort to confirm Caroline Crenshaw for another term as a commissioner at the Securities and Exchange Commission (SEC). With Democrats set to lose their majority in January, the window for confirmation is rapidly closing.
Senate Banking Committee Plans Key Vote
According to reports, Senate Banking Committee Chair Sherrod Brown has scheduled a crucial nomination vote for December 18. The vote comes after an earlier delay on December 11, which Senator Brown blamed on Republican opposition influenced by “corporate special interests.” This resistance appears linked in part to the cryptocurrency industry.
Crenshaw, a Democrat, has served as an SEC commissioner since 2020 and was nominated for a second term by President Joe Biden in June. However, the Senate has yet to move forward with her confirmation. If lawmakers fail to act, Crenshaw’s term will end as Republicans take control of both the Senate and House of Representatives on January 3.
Some crypto interest groups, such as the Cedar Innovation Foundation, have openly opposed Crenshaw’s nomination, claiming she is “more anti-crypto” than SEC Chair Gary Gensler. Crenshaw has previously voted against approving spot crypto exchange-traded products, a stance that has drawn sharp criticism from the crypto sector.
Impact on Crypto Policy and Future Leadership
The upcoming change in leadership could significantly shift the US government’s approach to cryptocurrency regulation. Under Gensler’s leadership, the SEC aggressively pursued enforcement actions against crypto firms, accusing many of offering unregistered securities. While this approach pleased some policymakers, it has been criticized by many in the industry and blamed, in part, for Democrats’ loss in the November presidential election.
If Crenshaw is not confirmed, the SEC may face further changes. The departures of Commissioner Jaime Lizárraga and Chair Gary Gensler in January could leave Crenshaw as the only remaining Democrat at the agency. Meanwhile, Donald Trump, who is expected to take office, has expressed interest in nominating former SEC Commissioner Paul Atkins to replace Gensler. Atkins, who has been viewed favorably by the crypto industry, would still need Senate approval.
The Senate Banking Committee, which is responsible for major financial policies, will also see leadership changes. Senator Brown, who lost his seat to Republican Bernie Moreno, will be succeeded as committee chair by Senator Tim Scott. Massachusetts Senator Elizabeth Warren will step in as the top Democrat on the committee.
The coming weeks will be critical for determining the future direction of the SEC and its approach to crypto regulation. Lawmakers have little time left to decide on Crenshaw’s confirmation before political control shifts.
