Senate Banking Committee Cancels Confirmation Vote for SEC Commissioner Crenshaw
The Senate Banking Committee has decided to abandon its effort to re-confirm SEC Commissioner Caroline Crenshaw.
This information was leaked while Sen. Tim Scott, a Republican aiming to lead the Banking Committee next session, spoke at the Blockchain Association event.
Crenshaw's confirmation vote, initially scheduled for last week, was postponed after Senate Republicans successfully blocked it.
Scott expressed satisfaction over the block, stating, “Having fought ‘train Crenshaw’ for the last several months… to have a resounding victory of not having her go forward last week, I was so excited,” before learning the vote had been canceled.
The rescheduled vote lacked sufficient support, according to a source familiar with the situation. However, a committee spokesperson claimed they had support but "ran out of time."
With Crenshaw out and Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, set to resign in the new year, President-elect Donald Trump will have three seats to fill.
Trump is expected to appoint either Commissioner Hester Peirce or Mark Uyeda as acting chair while awaiting confirmation for his top pick, Republican Paul Atkins.
The SEC will operate with only two commissioners for the first few weeks of 2025. Precedent allows these two commissioners to vote on matters and conduct business as usual. However, provocative actions may increase the likelihood of legal challenges, as the chair or acting chair holds significant power in setting the agenda.