Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw left the agency on January 2, 2026, after the Senate Banking Committee did not vote to confirm her second term because of strong crypto industry opposition.
With her departure, there will be no Democrat-appointed commissioners remaining, leaving only the chair and two commissioners who occupy Republican sets.
The U.S. President appoints members of the commission, and the President’s party typically holds the majority of the seats at the SEC. Terms last five years and are staggered so one commissioner’s term ends on June 5 of each year. The commissioners can continue to serve up to 18 months after terms expire if they are not replaced before then.
Crenshaw’s first term ended in June 2024, and President Biden nominated her to a second term, which would have expired in June 2029. The Senate Banking Committee scheduled votes on her confirmation twice but ultimately canceled them.
This follows presidential victory in November 2024 by Donald Trump who promised to reverse Biden’s SEC Chair appointee Gary Gensler’s approach to regulating crypto. Even though Crenshaw would have been in the minority party, and the Republican-led SEC would have had enough votes to promote its agenda, the crypto industry intensely lobbied against any nominee perceived as hostile to the industry. The industry criticized Gensler for largely treating cryptocurrencies as securities and relying on enforcement actions as regulation, without providing clear rules of the road.
In a joint statement on Crenshaw’s departure, SEC Chair Paul Atkins and Commissioners Hester Peirce and Mark Uyeda said that “she has been a steadfast advocate for the agency’s mission – demonstrating clarity of purpose and generosity of spirit.”
“Commissioner Crenshaw has listened carefully, engaged substantively, and approached every day with the purpose of safeguarding investors and strengthening our markets,” they added. “Those qualities are hardly surprising when you consider Commissioner Crenshaw’s broader record of service beyond the agency. As a major in the U.S. Army Reserve JAG Corps, she brings to her work a spirit of duty and a sense of discipline that reflects the very best of what this country asks of those who serve it.”
Currently, it is unclear when Trump will appoint three new commissioners to the SEC.
Peirce’s second term ended in June 2025, and she has been serving on an extension, which will last until the end of 2026 if she is not replaced before then. Peirce, dubbed Crypto Mom by the industry, leads the SEC’s Crypto Task Force.
The President could have appointed one Republican and two Democrats in 2025 but did not do so.
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