The Senate Banking Committee, on Tuesday, decided to give up its efforts to confirm Caroline Crenshaw as SEC Commissioner.
Ironically, this news was revealed as Sen. Tim Scott was wrapping up remarks for the Blockchain Association, which is the Republican who will lead the Banking Committee in the next legislative session.
Crenshaw was initially supposed to be confirmed last week. However, Senate Republicans blocked the vote.
“Having fought ‘train Crenshaw’ for the last several months… to have a resounding victory of not having her go forward last week, I was so excited,” Scott remarked before he learned that the votes had been annulled.
The committee voted to reschedule the vote for this week. “just didn’t have the votes,” A person with knowledge of the situation said. A committee spokesperson said they disagreed. “had the support,” You can also read about how to get in touch with us. “ran out of time.”
Crenshaw’s representative did not respond to a comment request immediately.
Now that Crenshaw is out and Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, will be resigning in the new year, President-elect Donald Trump now has three seats to fill.
Trump is expected to name Hester P. Peirce and Mark Uyeda acting chairs while Paul Atkins (a Republican) gets confirmed as his top choice.
So the commission is going to be small — at least for the first few weeks of 2025. The SEC will operate with two commissioners for the first few weeks of 2025. This is not the first time that the SEC operated this way.
But the more provocative the actions, the higher the chances of an upcoming legal dispute. In terms of setting agendas, it is the chairperson or acting-chairperson who has all the authority.
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