Senate Banking Committee cancels confirmation vote for SEC’s Caroline Crenshaw

In the meantime, Trump will name either Commissioner Hester Peirce or Mark Uyeda as acting chair

December 17, 2024 04:00 pm

Mark Van Scyoc/Shutterstock modified by Blockworks

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The Senate Banking Committee on Tuesday decided to abandon its effort to re-confirm SEC Commissioner Caroline Crenshaw.

The news, somewhat ironically, was leaked while Sen. Tim Scott, the Republican gunning to lead the Banking Committee next session, was wrapping up his remarks at the Blockchain Association event.

Crenshaw’s confirmation vote, initially scheduled for last week, was postponed after Senate Republicans successfully blocked it.

“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 said before learning the vote had been canceled.

The vote was rescheduled for this week, but the committee “just didn’t have the votes,” a person familiar with the matter said. A spokesperson from the committee disagreed, saying they “had the support,” but “ran out of time.”

A representative for Crenshaw did not immediately return a request for comment.

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.

In the meantime, Trump will name either Commissioner Hester Peirce or Mark Uyeda as acting chair while his pick for the top job, Republican Paul Atkins, is confirmed.

So the commission is going to be small — at least for the first few weeks of 2025. This will not be the first time the SEC has operated with only two commissioners, and precedent largely supports allowing these two commissioners to vote on matters and conduct business as usual.

The more provocative these actions are, though, the greater the likelihood of a legal battle. When it comes to making the agenda, the chair, or acting chair, holds all the power.

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