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Next year, the Securities and Exchange Commission could become entirely Republican-controlled. At least for a little while.
The Senate Banking Committee on Wednesday delayed its vote to confirm SEC Caroline Crenshaw, whose term ended in June. After the vote — which was scheduled to take place Wednesday morning — was pushed to later in the afternoon, Senate Republicans were able to block it as late-in-the-day votes require unanimous approval. The vote has not yet been rescheduled.
Should Crenshaw not be confirmed before the Senate adjourns for the session next week, President-elect Donald Trump will have the opportunity to nominate a replacement, although no more than three commissioners may be of the same political party. Trump appointed Crenshaw in 2020 and President Biden renominated her earlier this year.
Read more: Crypto industry sounds off on SEC’s Crenshaw ahead of vote
Crenshaw is permitted to serve on the commission through January 2026 if no successor is confirmed.
Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, last month announced they would be resigning from the agency in January.
Trump earlier this month announced he would be nominating Republican Paul Atkins to chair the agency. Upon Gensler’s departure, Trump is expected to name either Hester Peirce or Mark Uyeda, both sitting Republican commissioners, as acting chair while the Senate completes Atkins’s confirmation process.
Wednesday’s vote delay comes as pro-crypto lobbying efforts heat up in Washington DC.
Stand With Crypto, a non-profit launched by crypto exchange Coinbase, said Thursday that it opposes Crenshaw’s nomination.
“Anti-crypto regulators must not be confirmed,” the non-profit added.
Read more: What SEC chair nominee Paul Atkins has previously said about crypto
Democratic Rep. Shri Thanedar, who will not participate in a vote to confirm Crenshaw, said Thursday he’s “glad to see the Senate delay the vote.”
“Voters just delivered Congress a crypto mandate this November,” Thanedar added in a post on X. “We should make sure the leaders we nominate support crypto as well.”
Other advocacy groups are pushing Senators to finalize Crenshaw’s second term.
“At stake is the reality of a bipartisan SEC,” Public Citizen and 39 other organizations wrote in a Thursday letter to Senators. “The incoming Trump Administration has signaled they are considering breaking from the tradition that provides for the opposition party to select candidates for the two minority seats.”