US lawmakers in the Senate Banking Committee have canceled a session to vote on Caroline Crenshaw's nomination for a second term at the SEC, making her confirmation before Republicans take control in January increasingly unlikely. Crenshaw, who has served under both Trump and Biden, faces opposition from crypto interest groups labeling her as "more anti-crypto" than SEC Chair Gary Gensler. If not confirmed, she may be replaced or her seat left vacant before 2026.
Caroline Crenshaw will not be renominated as SEC Commissioner after the Senate Banking Committee canceled the scheduled markup vote. Her tenure, marked by opposition to crypto policies and alignment with SEC Chairman Gary Gensler, faced significant pushback from the crypto industry, which portrayed her as "more anti-crypto than Gensler." Industry leaders and organizations actively campaigned against her reappointment, highlighting the ongoing tensions between regulatory oversight and crypto market development.
President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at Mar-a-Lago to discuss potential crypto appointments and Bitcoin reserves. The meeting aligns with Trump's strategy to appoint crypto advocates to key financial positions, aiming to establish clear regulations for the industry.As Trump transitions, he has already nominated Paul Atkins as SEC Chairman and is expected to announce the CFTC chair soon. Meanwhile, Crypto.com has filed a lawsuit against the SEC, challenging its jurisdiction over crypto assets and seeking clarity on regulatory oversight.
Anchorage Digital has obtained a BitLicense in New York, allowing it to provide secure and cost-efficient crypto trading for institutions starting early next year. This milestone comes amid increasing demand for Bitcoin and related investment products. Meanwhile, Genesis Global Trading has settled with New York regulators, forfeiting its BitLicense and paying an $8 million fine due to compliance failures.
XRP's recent price drop to $2.33 may reverse due to the upcoming launch of Ripple's RLUSD stablecoin, potential XRP-backed ETF approvals, and a favorable resolution in its ongoing SEC case. Analysts predict XRP could soar to $35 by 2025, driven by increased institutional interest and a bullish market trend.
US lawmakers are making a final push to confirm Caroline Crenshaw for another term at the SEC before Democrats lose control in January. The Senate Banking Committee, led by Sherrod Brown, has scheduled a vote for Dec. 18 after delays attributed to Republican opposition linked to corporate interests, particularly from the cryptocurrency sector. Crenshaw, who has served since 2020, faces criticism for her stance on crypto regulations, and her confirmation is crucial as the SEC may shift to a Republican majority with potential changes in leadership.
TD Cowen predicts that the SEC will likely proceed with crypto regulations without Democratic commissioners in the new year, following the departures of Chair Gary Gensler and Commissioner Jaime Lizárraga. Commissioner Caroline Crenshaw, the only remaining Democrat, faces challenges in her renomination, which could lead to an all-Republican commission under Chair Paul Atkins. This shift may expedite rule-making but poses risks to bipartisan support, potentially affecting the stability of future crypto regulations.
MicroStrategy's stock surged nearly 5% following its announcement of acquiring an additional 15,350 bitcoins for $1.5 billion, bringing its total holdings to approximately 440,000 bitcoins. The company will also join the Nasdaq 100 on December 23, replacing three other firms. Despite skepticism from some analysts regarding its strategy, MicroStrategy's shares have skyrocketed over 580% this year.
Ripple is set to launch its RLUSD stablecoin on December 17, following approval from the New York Department of Financial Services. The announcement has already spurred an 8% surge in XRP's price, with trading volume increasing by nearly 72%. The stablecoin, fully backed by US dollar deposits and other cash equivalents, aims to enhance cross-border payment efficiency and will be available on platforms like Uphold and MoonPay, with plans for integration into Ripple's payment solutions next year.
The cryptocurrency market is heating up with Ethereum ($ETH) potentially surging to $5K, driven by strong performance and increased ETF inflows. Meanwhile, Paul Atkins' appointment as SEC Chair signals a shift towards a more crypto-friendly regulatory environment, which could boost institutional participation and support altcoin growth, exemplified by the $STARS project raising $18M.
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