Senate committee delays renomination vote for Democratic SEC commissioner
Add Axios as your preferred source to
see more of our stories on Google.
SEC commissioner Caroline Crenshaw. Photo: Ting Shen/Bloomberg via Getty Images
A Senate committee vote to nominate Caroline Crenshaw for another term as a commissioner of the Securities and Exchange Commission was stymied Wednesday in a round of political gamesmanship.
Why it matters: The delay complicates the chances that Crenshaw, a Biden appointee whose renomination is opposed by the committee's current GOP ranking member, will see a vote before President-elect Trump is sworn in.
Behind the scenes: The vote had been expected Wednesday at a morning meeting of the Senate Banking Committee, but was delayed until the afternoon at the last minute by outgoing committee chair Sherrod Brown (D-Ohio), Republican Senate staff told Axios.
- The committee met to hear testimony from the chief of the Consumer Financial Protection Bureau. After that, they adjourned.
- However, under Senate rules, committees can't meet that late in the day without special dispensation by the larger body. The GOP was not on board. So the committee couldn't meet.
Zoom out: Crenshaw's renomination is widely opposed by the crypto industry, which views her as an ally of Gary Gensler, the SEC's outgoing chair who made no friends in the industry during his tenure.
- Trade organizations have raised objections, including Stand With Crypto, the Blockchain Association, the DeFi Education Fund and Coinbase founder Brian Armstrong.
- The Senate Banking Committee's ranking member and likely future chair, Sen. Tim Scott (R-SC), had earlier objected to the hearing, calling the timing to vote on Biden's nominees a "blatant attempt to hinder President Trump's agenda."
Context: The securities regulator has five commissioners, including the chair who heads the agency. Crenshaw has been a commissioner since 2020.
- If confirmed, she would serve another term until 2029.
What we're watching: Whether the Republicans can run out the clock on Crenshaw's nomination.
What's next: Once the banking committee votes on a nomination, it goes to the full Senate.
