According to BlockBeats, on June 18, investment bank TD Cowen said that President Biden's nomination of two heads of the U.S. Commodity Futures Trading Commission (CFTC) may affect the agency's future approach to cryptocurrencies. Biden nominated CFTC Commissioner Christy Goldsmith Romero as head of the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson as Assistant Secretary of the Treasury Department for Financial Institutions. Both commissioners pushed the agency to introduce rules or guidelines to protect consumers and address conflicts of interest in cryptocurrencies.
If Romero and Johnson take up their new positions, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, giving the Republicans a majority. Given the change, the Biden administration will quickly fill the two vacancies, TD Cowen said in a report on Monday. However, replacements may not be confirmed until the fall.