SEC Commissioner to Depart, Leaving only Republican Members

Caroline Crenshaw, the sole Democratic member leading the US Securities and Exchange Commission (SEC), will be departing the agency this week after serving more than five years.

Crenshaw is expected to depart the SEC by Saturday, marking 18 months after her term ended in June 2024. Commissioners are permitted to continue work at the agency, provided the Senate has not confirmed a replacement.

The Democratic commissioner, who was sworn into office in August 2020, has often been critical of the agency’s approach to digital assets. She spoke out against the SEC settling its enforcement case with Ripple Labs, and warned that weakening regulations on digital assets could lead to “significant market contagion.” 

Her departure will leave the SEC with three Republican commissioners, two of whom were nominated by US President Donald Trump. As of Friday, Trump had not made any announcements signaling that he ever planned to nominate another Democrat to the SEC, though the president is expected to fill seats to maintain a bipartisan balance.

Related: SEC has dismissed or paused most crypto enforcement cases under Trump: Report

In a Friday statement from Commissioner Hester Peirce, Commissioner Mark Uyeda and Chair Paul Atkins, the three said Crenshaw had been a “steadfast advocate for the agency’s mission.” She had not publicly announced any positions she may intend to take in the private sector following her departure.

Other US financial regulator understaffed after acting chair’s departure

The US Commodity Futures Trading Commission, another key financial regulator overseeing digital assets, is facing a similar dearth of leadership. Although the Senate confirmed Trump’s pick to chair the agency, Michael Selig, before the chamber broke for a holiday recess, he is the sole commissioner at the CFTC, with four empty seats.

Caroline Pham, a commissioner who assumed the role of acting CFTC chair in January, left shortly after Selig’s confirmation. She joined crypto payments company MoonPay as its chief legal and administrative officer.

During the president’s time in office, both the CFTC and SEC, with Trump-approved leaders, have softened their approach to digital assets, dismissing enforcement actions and engaging with industry leaders more often than in the previous administration.

On Monday, Representative Maxine Waters called for a hearing to look into the SEC’s dismissal of crypto cases and what she called “questionable policy changes.”

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026