The U.S. Senate Banking Committee has canceled a hearing to renominate outgoing Securities and Exchange Commissioner Caroline Crenshaw, effectively ending her bid for reappointment.

Crenshaw’s Anti-Crypto Stance

Crenshaw, a Democratic SEC Commissioner, has been a vocal critic of cryptocurrencies and blockchain technology. She voted against approving spot Bitcoin exchange-traded funds (ETFs) and has been a key ally to outgoing SEC Chair Gary Gensler, who has been hostile towards the crypto industry.

Crenshaw’s removal from consideration has been met with approval from crypto industry leaders and policymakers, who have criticized her for perpetuating “arbitrary decision-making, stifling innovation, and undermining investor confidence in the digital asset market.”

Impact on the SEC

The cancellation of Crenshaw’s hearing clears the way for President-elect Donald Trump to nominate a new SEC commissioner. Trump has already pitched former SEC regulator Paul Atkins for SEC chair, pending Senate confirmation. Atkins is a pro-Bitcoin entrepreneur and vocal crypto supporter, who would replace Gensler.

The exodus of Democratic SEC commissioners, including Jaime Lizárraga, could hand over agency reins to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain, with Atkins likely to join soon.

What This Means for Crypto

The potential appointment of Paul Atkins as SEC chair could be a positive development for the crypto industry. Atkins has been a vocal supporter of cryptocurrencies and has advocated for clearer regulations.

Coinbase CEO Brian Armstrong has said that the outcome of the SEC commissioner vote would likely impact future StandWithCrypto donations to politicians.

Key Takeaways

• Caroline Crenshaw will not be renominated as SEC Commissioner due to her anti-crypto stance.
• The cancellation of Crenshaw’s hearing clears the way for President-elect Donald Trump to nominate a new SEC commissioner.
• Paul Atkins, a pro-Bitcoin entrepreneur and vocal crypto supporter, is likely to be appointed as SEC chair.
• The exodus of Democratic SEC commissioners could hand over agency reins to the Republican party.

“The Digital Chamber urges the Senate Banking Committee to oppose Caroline Crenshaw’s reappointment as SEC Commissioner. Her clear anti-crypto bias has perpetuated arbitrary decision-making, stifled innovation, and undermined investor confidence in the digital asset market.”

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