Crypto-skeptic and SEC boss Crenshaw axed from Senate renomination

The US Senate has canceled the re-nomination hearing of anti-crypto Democrat SEC Commissioner Caroline Crenshaw.

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be renominated following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, December 17, has been canceled, according to multiple reports.

FSOC is a financial system monitoring agency established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Crenshaw voted against approving the spot #Bitcoin ETFs. pic.twitter.com/FznXq1P0Az

— Bitcoin Magazine (@BitcoinMagazine) December 17, 2024

No room for Crenshaw

News of Crenshaw’s vote being canceled follows growing opposition to his re-nomination to the U.S. SEC. Crypto industry leaders and policymakers criticized Democratic senators for trying to move forward with Crenshaw’s hearing without proper review.

Coinbase CEO Brian Armstrong said blockchain advocates will be watching the final vote closely, and the outcome will likely impact future StandWithCrypto donations to politicians.

Digital Chamber urges the Senate Banking Committee to oppose the reappointment of Caroline Crenshaw as SEC Commissioner. Anti-crypto deficit bias has perpetuated arbitrary decision-making, stifled innovation, and undermined investor confidence in the digital asset market. To read… pic.twitter.com/e9JNUV2oST

— Digital Chamber (@DigitalChamber) December 10, 2024

Crenshaw will be remembered as an anti-Bitcoin and crypto-skeptic SEC Commissioner during his tenure at the agency. He infamously voted against the approval of spot Bitcoin (BTC) exchange-traded funds and frequently backed soon-to-be former chairman Gary Gensler’s staunch hostility towards blockchain businesses.

Crenshaw’s exclusion from consideration clears the way for President-elect Donald Trump to appoint a new SEC commissioner, potentially shaping the agency’s leadership with officials aligned with his pro-crypto agenda.

Trump has so far nominated former SEC regulator Paul Atkins to be SEC chairman, pending Senate confirmation. Atkins, a pro-Bitcoin entrepreneur and crypto supporter, will replace Gensler, who announced his resignation as soon as Trump took office.

Last month, Democratic SEC Commissioner Jaime Lizárraga also announced plans to leave the federal watchdog, citing the need to spend more time with family. The Dem-SEC exodus could hand the reins of the agency over solely to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain; Atkins is also likely to join soon.