• Caroline Crenshaw's re-nomination as SEC commissioner is anticipated to be delayed till after the 2024 US election.
• Crypto advocacy teams like Stand With Crypto are pushing for supportive laws amid anti-cryptocurrency sentiment inside the SEC.
• The Senate Banking Committee is scheduled to vote on the Crenshaw invoice. The vote within the Senate is delayed as a consequence of legislative closing dates and different priorities.

SEC Commissioner Caroline Crenshaw, a vocal critic of cryptocurrencies, faces an unsure future as her renomination is in jeopardy amid political change and a divided regulatory setting.

The Democratic-led Senate Banking Committee is anticipated to approve her nomination, however a vote on the Senate ground is more likely to be delayed as a consequence of restricted days in Congress and different priorities of Senate Majority Chief Chuck Schumer.

Fox Enterprise reporter Eleanor Terrett reported that Crenshaw's renomination course of faces uncertainty as a consequence of potential adjustments within the Senate and White Home. It's doable {that a} new administration may instantly appoint a brand new SEC chairman, which may have an effect on Crenshaw's place.

Crypto lawyer Mike Selig careworn that the brand new administration may strip the SEC's present chairman, Gary Gensler, of his powers, although he may stay as a commissioner.

Terrett famous that if Crenshaw is confirmed and Gensler stays in, the SEC will preserve a Democratic majority. Even when former President Donald Trump promotes Hester Pierce to chair, the SEC will nonetheless have a 3-2 Democratic majority.

Throughout a latest debate, Senator Invoice Hagerty questioned Crenshaw, who opposed spot approval of a Bitcoin ETF earlier this yr. Crenshaw careworn the necessity to consider public curiosity in particular person exchange-traded funds (ETPs) and expressed issues over important fraud within the world spot market.

Hagerty criticized Crenshaw's stance, calling it dangerous to “vital rising applied sciences,” and accused him of utilizing his place on the SEC to push his place on local weather change, arguing that it goes far past the SEC's authority.

Crenshaw gained notoriety for his hardline stance towards approval of a spot Bitcoin ETF, which many within the crypto trade had hoped for. Some argue that Crenshaw's hardline stance on regulation is an even bigger stumbling block than that of SEC Chairman Gary Gensler, who has been criticized for his heavy-handed oversight of the trade. Critics fear that Crenshaw's regulatory stance will stifle innovation and sluggish the expansion of the cryptocurrency sector.

In response to anti-crypto sentiment inside the SEC, advocacy group Stand With Crypto has been actively pushing for pro-crypto insurance policies. On July 10, the group met on Capitol Hill, the place crypto founders spoke with lawmakers to advocate for pro-crypto laws. Stand With Crypto careworn the significance of such efforts, particularly in an important election yr.