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DELAYED CRENSHAW VOTE INCREASES ODDS OF ALL-REPUBLICAN SEC EARLY NEXT YEAR 

If the Senate does not confirm SEC Comm’r Caroline Crenshaw by the end of the
session, Trump will be able to nominate a Republican in her place

by Casey Wagner /
December 12, 2024 03:52 pm

Artsaba Family/Shutterstock and Adobe modified by Blockworks

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Next year, the Securities and Exchange Commission could become entirely
Republican-controlled. At least for a little while.

The Senate Banking Committee on Wednesday delayed its vote to confirm SEC
Caroline Crenshaw, whose term ended in June. After the vote — which was
scheduled to take place Wednesday morning — was pushed to later in the
afternoon, Senate Republicans were able to block it as late-in-the-day votes
require unanimous approval. The vote has not yet been rescheduled. 

Should Crenshaw not be confirmed before the Senate adjourns for the session next
week, President-elect Donald Trump will have the opportunity to nominate a
replacement, although no more than three commissioners may be of the same
political party. Trump appointed Crenshaw in 2020 and President Biden
renominated her earlier this year. 

Read more: Crypto industry sounds off on SEC’s Crenshaw ahead of vote

Crenshaw is permitted to serve on the commission through January 2026 if no
successor is confirmed.

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Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, last month
announced they would be resigning from the agency in January. 

Trump earlier this month announced he would be nominating Republican Paul Atkins
to chair the agency. Upon Gensler’s departure, Trump is expected to name either
Hester Peirce or Mark Uyeda, both sitting Republican commissioners, as acting
chair while the Senate completes Atkins’s confirmation process. 

Wednesday’s vote delay comes as pro-crypto lobbying efforts heat up in
Washington DC. 

Stand With Crypto, a non-profit launched by crypto exchange Coinbase, said
Thursday that it opposes Crenshaw’s nomination. 



“Anti-crypto regulators must not be confirmed,” the non-profit added. 

Read more: What SEC chair nominee Paul Atkins has previously said about crypto

Democratic Rep. Shri Thanedar, who will not participate in a vote to confirm
Crenshaw, said Thursday he’s “glad to see the Senate delay the vote.”

“Voters just delivered Congress a crypto mandate this November,” Thanedar added
in a post on X. “We should make sure the leaders we nominate support crypto as
well.”

Other advocacy groups are pushing Senators to finalize Crenshaw’s second term. 

“At stake is the reality of a bipartisan SEC,” Public Citizen and 39 other
organizations wrote in a Thursday letter to Senators. “The incoming Trump
Administration has signaled they are considering breaking from the tradition
that provides for the opposition party to select candidates for the two minority
seats.”

--------------------------------------------------------------------------------

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 * Donald Trump
 * Gary Gensler
 * SEC
 * Senate

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