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The Senate Banking Committee decided Tuesday to abandon its efforts to reconfirm Securities and Exchange Commission Commissioner Carolyn Crenshaw.

Somewhat ironically, the news leaked as Sen. Tim Scott, the Republican seeking to lead the upcoming session of the Banking Committee, was wrapping up his remarks at a Blockchain Association event.

A vote on Crenshaw's confirmation was initially scheduled For last weekIt was postponed after Senate Republicans succeeded in blocking it.

“Having fought the 'Crenshaw Train' over the past few months... to a resounding victory by not letting it advance last week, I was very excited,” Scott said before learning the vote had been canceled.

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

A representative for Crenshaw did not immediately respond to a request for comment.

Now that Crenshaw is out of office, Chairman Gary Gensler and Commissioner Jaime Lizarraga, both Democrats, will take over. Resignation in New YearPresident-elect Donald Trump now has three vacant seats.

Meanwhile, Trump will appoint either Commissioner Hester Pierce or Mark Ueda as acting chief while the Republican picks him for the top job. Paul AtkinsIt has been confirmed.

So the commission will be small — at least for the first few weeks of 2025. This wouldn't be the first time the SEC has worked with just two commissioners, and precedent is largely supportive of letting those two commissioners vote on matters and conduct business. As usual.

However, the more provocative these actions are, the more likely a legal battle is to break out. When it comes to setting the agenda, the president, or acting president, has all the power.

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