According to Cointelegraph, consumer advocacy group Public Citizen, along with over 40 other organizations, is urging U.S. lawmakers to confirm Caroline Crenshaw for a second term at the Securities and Exchange Commission (SEC) before the new Congress is sworn in. In a letter dated December 12 to the U.S. Senate, these groups emphasized the importance of a bipartisan SEC and requested a favorable vote on Crenshaw’s nomination, which would extend her tenure at the SEC until 2029.
The Senate Banking Committee was initially set to decide on Crenshaw’s nomination on December 11, but the decision was postponed, raising concerns about whether there is sufficient time to confirm her before the current Congress session ends. The letter highlighted the potential shift in SEC dynamics with the incoming Trump administration, which has indicated a possible departure from the tradition allowing the opposition party to select candidates for the two minority seats. Crenshaw, a Democrat, was originally nominated for a term ending in June 2024 but can continue at the SEC until the end of 2025. With President-elect Donald Trump’s inauguration on January 20 and a Republican-majority Congress being sworn in on January 3, Democrats face a narrow window to confirm Crenshaw while they still control the Senate.
The SEC is poised for significant changes following the U.S. election. Trump has made it a campaign promise to remove Gary Gensler, the current SEC chair, who announced his resignation effective January 20. Commissioner Jaime Lizárraga also plans to leave on January 17, potentially leaving Crenshaw as the sole Democrat at the SEC. The crypto industry has expressed opposition to Crenshaw’s nomination, with some labeling her as more "anti-crypto" than Gensler, particularly after her vote against the approval of a spot Bitcoin exchange-traded fund in January. The SEC maintains a non-partisan structure, allowing no more than three commissioners from the same political party. However, this is not a legal requirement, and Trump may choose to disregard this tradition, given his history of challenging governmental norms.
Sherrod Brown, chair of the Senate Banking Committee overseeing Crenshaw’s nomination, had not provided a timeline for the vote at the time of reporting. With the impending departures of Gensler and Lizárraga, Republicans Hester Peirce and Mark Uyeda will be among the remaining SEC commissioners, potentially altering the agency's political balance.
Alex
Kikyo
Brian