Good news about regulation! SEC Commissioner Crenshaw's nomination vote against encryption has been withdrawn and he may not be reelected.

The US Senate Banking Committee was scheduled to vote on the re-nomination of anti-cryptocurrency SEC Commissioner Caroline Crenshaw for her position on Wednesday. However, her nomination vote was cancelled on Tuesday and she may not be re-nominated as an SEC Commissioner. Since Crenshaw’s term at the SEC officially ended in June this year, her re-nomination has been pending. After the Senate gave up on pushing for her re-election, she can still work at the SEC until her successor is confirmed or until Congress adjourns next year. Whether she will be re-nominated will be decided by President Trump. Caroline Crenshaw was first appointed as an SEC Commissioner in the Trump administration in 2020 and was re-nominated during the Biden administration. She is considered more anti-cryptocurrency than SEC Chairman Gary Gensler because of her opposition to cryptocurrencies, including the BTC Spot ETF. Due to concerns about her re-nomination, 52,000 supporters of cryptocurrency have sent about 107,000 emails to senators requesting the cancellation of her nomination. It is unclear when Caroline Crenshaw will leave the SEC. Currently, she is one of three Democratic commissioners at the SEC, along with Chairman Gary Gensler and Commissioner Jaime Lizárraga. The other two will leave the SEC in January next year when their terms end. It is also unclear whether Republicans in the Senate will consider Crenshaw’s nomination after their party gains a majority in the Senate on January 3, or whether Trump will choose another commissioner to replace her. If confirmed, Caroline Crenshaw may serve at the SEC until 2029, or she may be replaced before 2026, or her seat will remain vacant. Trump previously announced that he intends to nominate former SEC Commissioner Paul Atkins, who is friendly to cryptocurrencies, to replace Gary Gensler as SEC Chairman after he takes office in January next year. He also announced that former PayPal COO David Sacks will be appointed as the AI and cryptocurrency czar.