Crypto Industry’s Nemesis Might Be Confirmed for Another Term

The U.S. Senate Committee on Banking, Housing and Urban Affairs is set to vote on the renomination of anti-crypto SEC Commissioner Caroline Crenshaw on Dec. 18.

The vote was initially supposed to be held earlier this week, but it was then postponed, jeopardizing Crenshaw’s chances to secure another term in the agency.

If the committee votes in favor of her renomination this week, she will continue to serve as a commissioner until 2029.

Crenshaw is known for being even more anti-crypto than SEC Chair Gary Gensler. She opposed green-lighting Bitcoin exchange-traded funds earlier this year, breaking with the agency’s boss.

Unsurprisingly, her renomination has been widely opposed within the cryptocurrency industry.

“We need to let the Senate know her actions have undermined Congress’s clear mandate to establish sound regulatory policies for crypto and that Senators should vote NO on Crenshaw,” Kristin Smith, chief technology officer at Blockchain Association, said in a recent social media post.

Last year, Crenshaw described crypto as “speculative,” arguing that there are “really reduced investor protections” due to the fact that most industry players have chosen not to come under the SEC’s remit. She also claimed that the industry was noted for various scams.

If Crenshaw fails to get renominated, this means that only Republicans will be left in the agency during the early months of 2025. However, the agency is prohibited from having more than three members from a single party.

Gensler and anti-crypto SEC Commissioner Jaime Lizarraga will both resign in January.