US lawmakers to make a last-ditch effort to confirm SEC commissioner

US Senate Banking Committee lawmakers are planning a final attempt to confirm Caroline Crenshaw for a second term as an SEC commissioner before Democrats lose their majority in January.

According to a December 15 Punchbowl report, Senate Banking Committee Chair Sherrod Brown has scheduled a vote for Crenshaw’s nomination on December 18.

Initially, the vote was set for December 11, but it was delayed due to opposition from Republican senators, whom Brown claims are influenced by corporate interests, possibly including the cryptocurrency sector.

One such group, the Cedar Innovation Foundation, has lobbied against Crenshaw’s nomination.

Crenshaw, a Democrat, has served as an SEC commissioner since 2020 and was nominated by President Biden in June for a second term.

However, her nomination has not yet been reviewed by the Senate, with only a short window before the chamber shifts to Republican control in January.

Critics of Crenshaw’s confirmation, including some interest groups, argue that she is more “anti-crypto” than SEC Chair Gary Gensler.

This is partly due to her vote against approving a spot Bitcoin exchange-traded fund (ETF) in January.

As the Senate prepares to swear in new members on January 3, Republicans are expected to take control of both chambers of Congress.

Crenshaw's potential confirmation could have significant implications, as some have suggested that, under Republican leadership, the SEC may shift its approach to crypto regulation.

Additionally, with the expected departures of SEC Chair Gensler and Commissioner Jaime Lizárraga, Crenshaw could be the last remaining Democratic commissioner at the SEC.

Some industry advocates are concerned that, if Crenshaw is not confirmed, former SEC Commissioner Paul Atkins, nominated by President Trump to replace Gensler, could take the chair.

His confirmation would require Senate approval, and many in the crypto industry are supportive of his potential appointment.