Crenshaw, an anti-Crypto SEC director, is likely to withdraw after the confirmation voting is canceled.

On Wednesday, a vote to confirm Caroline Crenshaw as SEC Commissioner was canceled, good ending her chances of winning a second term as the country’s top regulator of digital assets. This is a major victory for the crypto industry as it seeks to bolster its influence on Capitol Hill.

Last Wednesday, the U.S. Senate Banking Committee was scheduled to vote on whether to extend Crenshaw’s position at the SEC, which the controller has been in since 2020. The voting was originally scheduled for this Wednesday, but it is now listed on the Senate webpage as cancelled.

A Senate staffer with knowledge of the situation reported to that the ballot has now been canceled with no chance of postponement. That means Crenshaw’s chances of securing another expression at Wall Street’s best sheriff are near-zero. &nbsp,

” It’s effectively dead”, crypto legislator and Digital Chamber President Cody Carbone told of Crenshaw’s re-nomination.

Before the end of the current legislative session, Crenshaw would have needed to obtenir approval from the Senate Banking Committee in order to continue with the SEC. But the 2024 parliamentary calendar ends immediately, December 18.

After that time, Crenshaw might run for another name at the Commission, but she would need to get approval from the recently Republican-controlled Congress, which will convene next year. That’s very doubtful.

” Republicans didn’t take her election forward”, Carbone said. &nbsp,

One of the most recent target for pro-crypto activists ‘ efforts to reform the SEC is Crenshaw. The regulatory agency is composed of a chair and five directors, who are appointed by the U. S. President for five-year words with authorization from the Senate.

Soon after the firm’s term ended in June, President Biden re-nominated Crenshaw for the Commission. But, it’s looking more probable that the Commission will have a three-person Republican majority in the coming years.

SEC Chairman Gary Gensler, who led a campaign against bitcoin during the Biden administration, signaled next month he would withdraw from the company in January. Democrat-backed SEC director Jaime Lizárr has even bowed out of the Commission.

President-elect Donald Trump has nominated past SEC Commissioner Paul Atkins to be the company’s future president.

In the run-up to the Senate Committee’s voting on the election, online resource opponents launched an aggressive strategy to oust Crenshaw.

A non-profit bitcoin advocacy group supported by the world’s largest bitcoin trade Ethereum announced on Tuesday that its members had received more than 100 000 letters from lawmakers opposing Crenshaw’s re-election to the SEC. &nbsp,

However, two pro-crypto lobbying parties, the Blockchain Association and the DeFi Education Fund, implored politicians in a text earlier this week to prevent Crenshaw’s election. At the same time, the blockchain industry-backed Cedar Innovation Foundation rolled up an advertising plan calling Crenshaw “more anti-crypto” than the much-maligned Gensler.

Paypal CEO Brian Armstrong furthermore jumped into the fight, calling upon legislators in an X post last week to hinder the judge’s nomination.

In the wake of Donald Trump’s victory in the last season’s election victory, digital property industry supporters hoped that the country’s most crypto-friendly laws would become law.

Sander Lutz provided extra monitoring.