US Senate delays Caroline Crenshaw’s SEC confirmation vote

The U.S. Senate Banking Committee has canceled its December 18 session to consider Caroline Crenshaw’s nomination for a second term as a commissioner of the Securities and Exchange Commission (SEC).

This cancellation makes it increasingly unlikely that Crenshaw will be confirmed before Republicans take control of the Senate in January.

Crenshaw, who has served as an SEC commissioner under both Presidents Donald Trump and Joe Biden, has a term that will end in June 2024.

She is permitted to continue in her role for up to 18 months after her term ends.

Critics of Crenshaw, particularly from crypto interest groups, have opposed her nomination.

These groups have described her as “more anti-crypto” than SEC Chair Gary Gensler.

Over 40 organisations have urged senators to vote against her nomination.

At the same time, some supporters have suggested that Trump would not likely appoint any Democratic SEC commissioners during his potential presidency.

The political landscape at the SEC is expected to shift, as both Gensler and Commissioner Jaime Lizárraga will leave the commission in January, prior to the official end of their terms.

Crenshaw, who currently holds one of three Democratic positions on the SEC, could serve until 2029 if confirmed.

However, if the Senate does not confirm her nomination, she may be replaced before 2026, or her seat may be left vacant.

Trump has already signaled his intention to nominate former SEC Commissioner Paul Atkins to replace Gensler.

Trump has also announced the appointment of David Sacks, former PayPal COO, as his “AI and crypto czar.”