As an experienced financial analyst, I believe that the potential renomination of anti-crypto SEC Commissioner Caroline Crenshaw is facing significant uncertainty due to the upcoming US 2024 Elections. The composition of the Senate and the White House could potentially change during this time, making it difficult to predict whether her nomination will proceed or not.
The possible reappointment of SEC Commissioner Caroline Crenshaw, known for her opposition to cryptocurrency, may be delayed until the 2024 US Elections due to the unpredictability brought about by the potential shifts in the Senate and the White House composition during that period.
SEC Commissioner Crenshaw Likely to Be Voted Out
According to a report from Fox Business journalist Eleanor Terret, it’s anticipated that Crenshaw’s reappointment to the SEC will move forward since she is expected to be “favorably advanced” by the Democratic-led Senate Banking Committee.
Her nomination is set for a Senate vote, but this process might be delayed until after the US elections. With few legislative days remaining and significant priorities for Senate Majority Leader Chuck Schumer, it’s plausible that the vote will be postponed.
As a crypto investor, I’ve learned from Mike Selig, a seasoned crypto lawyer, that during a change in political administration, the President (POTUS) holds the authority to appoint a new Chair for the Securities and Exchange Commission (SEC). However, he cannot compel the previous Chair to resign as an SEC commissioner. Consequently, upon assuming office, the newly designated Chair would take control of setting the SEC agenda and appointing division directors, effectively stripping the former Chair of these powers from day one. In simpler terms, Gensler’s tenure as Chair would come to an end with the new administration, and the incoming appointee would assume full control.
Terret cautioned, “But it’s important to note that if Crenshaw is approved and Gensler chooses to remain, the SEC will continue to have a Democratic majority.”
If Donald Trump were to appoint Hester Pierce as chair, the Democrats would still have a 3-2 edge on the Securities and Exchange Commission (SEC). In the event of a Trump victory in the 2024 US Election, he wouldn’t be able to force Gary Gensler out of his position. The crucial issue lies in whether Gensler would choose to continue serving as a commissioner until 2026 to preserve the Democratic control within the SEC.
Senator Bill Hagerty Questions Crenshaw
As a crypto investor following the latest developments in the industry, I was intrigued by the recent exchange between Senator Bill Hagerty and SEC Commissioner Caroline Crenshaw during their discussion. The senator pressed Commissioner Crenshaw on her reasons for opposing the approval of spot Bitcoin ETFs earlier this year.
Crenshaw emphasized the importance of determining the public benefit for each individual exchange-traded product (ETP). He raised red flags about pervasive fraudulent activities in the global underlying spot markets.
Hagerty voiced his significant worry regarding the SEC’s viewpoint, specifically that of Crenshaw, on cryptocurrencies, which he considered a “promising developing technology.” He also accused Crenshaw of exploiting her role at the SEC to promote climate agendas, arguing this was outside the organization’s jurisdiction.
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2024-07-13 08:34