SEC Commissioner Caroline Crenshaw will reportedly not be renominated to the federal regulatory body, according to Fox Business journalist Eleanor Terrett. This news comes ahead of President-elect Donald Trump’s inauguration next month.
In a December 17 post on X, Terrett cited a Senate aide who revealed that the Senate Banking Committee’s meeting to reconsider Crenshaw’s position had been canceled. The committee’s website confirms that the executive session initially scheduled for December 18 has officially been called off.
BREAKING: A Senate aide has just informed me that tomorrow’s Senate Banking Committee scheduled markup vote on @SECGov Commissioner Caroline Crenshaw has been canceled.
She will not be renominated to her position.
— Eleanor Terrett (@EleanorTerrett) December 17, 2024
This cancellation follows reports from Punchbowl News that Senate Banking Committee Chair Sherrod Brown (D-OH) had planned the session in hopes of renominating Crenshaw before Democrats lose their majority in the Senate. Brown, known for his skepticism of digital assets, lost his seat to blockchain entrepreneur Bernie Moreno last month and is set to leave Congress on January 3.
Crenshaw’s renomination was initially set for December 11 but faced delays, reportedly due to political gridlock between Democrats and Republicans. Her apparent departure coincides with the resignation of SEC Chair Gary Gensler, who stepped down ahead of Trump’s presidency.
“The Securities and Exchange Commission is a remarkable agency,” Gensler wrote in a farewell press release. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Trump’s Vision for Blockchain Regulation
With Gensler, Crenshaw, and SEC Commissioner Jaime Lizárraga all seemingly exiting, the incoming Trump administration will have significant influence over the future of cryptocurrency regulations in the United States.
Trump, who recently launched his family’s crypto platform, World Liberty Financial, has been a vocal advocate for digital assets. He has promised a crypto-friendly regulatory framework, stating at the Bitcoin 2024 Conference, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.”
