Anti Crypto Democrat Caroline Crenshaw Likely to Retain Seat

Key Points:

• The Senate Banking Committee will vote next week on Democrat Caroline Crenshaw’s renomination as SEC Commissioner.
• Crenshaw, a supporter of SEC Chairman Gary Gensler, has backed stricter climate reporting rules and opposed a spot Bitcoin ETF.

The Senate Banking Committee will vote next Wednesday on the renomination of Democrat Caroline Crenshaw as SEC Commissioner, FOX Business reporter Eleanor Terrett reports.

Read more: Donald Trump Administration Will Increase CFTC Power Over Crypto Industry

Senate to Decide Democrat Caroline Crenshaw’s Future as SEC Commissioner

If approved, Crenshaw will extend her tenure on the commission until 2029. If not confirmed, former President Donald Trump could nominate a new candidate.

Democrat Caroline Crenshaw has been a steadfast supporter during her time in office of the Securities and Exchange Commission chairman Gary Gensler. She pushed for more stringent climate-related reporting requirements and voted against a spot Bitcoin ETF, closely aligning with Gensler on major regulatory priorities.

Crypto Market Picks Up Steam in Anticipation of Gensler’s Exit

The possible renomination comes against changes in the landscape for cryptocurrencies. Gensler’s term expires in January 2025, and he has been criticized for his harsh stance on digital assets.

Since Gensler announced his departure, the crypto market has surged, and analysts say this will expand into 2025. Industry players like Bitwise, VanEck, 21Shares, and Canary Capital have submitted ETF applications to the SEC in recent times, suggesting fresh optimism.

Meanwhile, Donald Trump earlier announced his desire to put crypto-friendly Paul Atkins to head the SEC under his administration. A former commissioner with the SEC and the founder of Patomak Partners, Atkins has always preached the deregulation of the markets, once describing himself as a “proven leader for common sense regulations.”