Caroline Crenshaw Will Not Return as SEC Commissioner, Great for XRP?

American attorney, Caroline Crenshaw, has been denied a re-nomination to return as an SEC commissioner by the United States Senate Banking Committee. The update was a welcomed development for the crypto community, as members have openly opposed her reinstatement.

Senate Banking Committee Cancels Re-Nomination Session

According to an update by Fox Business journalist, Eleanor Terret, the scheduled Senate Banking Committee vote which was supposed to take place today has been canceled.

This means that she would no longer be considered for her position moving forward. The announcement published on the Committee’s official website disclosed that the cancelation also affected Mr. Gordon I. Ito’s nomination to be a Member of the Financial Stability Oversight Council.

Caroline Crenshaw first served as an SEC Commissioner during Donald Trump’s previous tenure and then continued in office under President Biden. While her term in the SEC ended in June 2024, she is allowed to remain in office for another 1.5 years.

Her final days in office, however, have been flooded with petitions from the crypto community to oppose her re-nomination. Particularly, about 107,000 emails were received for this cause.

All Road Set for XRP Growth?

Last month, the SEC chairman, Gary Gensler announced his resignation from office effective January 20, 2025. This came following an open statement by President Trump, to fire him on his first day in office.

Upon step down, his position would be taken over by a pro-crypto chair, Paul Atkins, who had previously served as a commissioner in the agency from 2002 to 2008. This update resonated well with the XRP community as speculations began to grow about a possible end of the elongated Ripple vs SEC lawsuit.

Meanwhile, the crypto community turned their attention to the removal of Crenshaw from the SEC after Gensler’s case was settled. With the latest update about her nomination cancelation, is the road clear for the anticipated XRP surge?

At this time, all factors seem to align in XRP’s favor. Moreover, Ripple, its parent company, launched its stablecoin, RLUSD, on global exchanges yesterday, December 17 which immediately triggered a 10% growth in XRP’s price.

Now, the next phase is the January 15 outcome. Recall that the SEC is expected to submit its opening brief in the Ripple lawsuit by Jan 15. This part of the court case is strictly paperwork and no new evidence would be admitted.

However, with Caroline Crenshaw not returning as SEC commissioner, the likelihood of the XRP case being dismissed has increased since the Commission would now be led by crypto-friendly figures.

At the time of writing, XRP traded at $2.52, representing a 2.13% decline in the last 24 hours.