The Senate Banking Committee has canceled a planned vetting vote on the renomination of U.S. SEC Member Caroline Crenshaw, according to FOX Business reporter Eleanor Terrett.
Crenshaw, known for being skeptical of cryptocurrencies, will no longer be running for re-election.
Although his re-nomination has been halted, Crenshaw remains a serving SEC commissioner and could continue in his role until his replacement is confirmed or Congress recesses next year.
Under the congressional process, the minority party, in this case the Democrats, usually proposes candidates to fill minority seats on the SEC Commission, but the President has the authority to accept or reject these proposals.
That leaves the door open for Democrats, likely influenced by prominent crypto critic Sen. Elizabeth Warren, to push for Crenshaw’s renomination. But with Donald Trump in office, the decision to renominate Crenshaw will ultimately be Trump’s.
Crenshaw’s departure or re-nomination could have significant implications for crypto regulation. Known for his skepticism of cryptocurrencies, Crenshaw has been a key figure in the SEC’s tough regulatory approach to the industry.
*This is not investment advice.