On June 18, important news that had a major impact on the cryptocurrency market emerged as President Biden appointing key personnel to the US Commodity Futures Trading Commission (CFTC) has sparked heated discussions in the cryptocurrency community. According to The Block, these changes could have a significant impact on the CFTC's regulatory approach to cryptocurrencies.

The two people Biden nominated are Christy Goldsmith Romero as head of the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson as Assistant Secretary of the Treasury in charge of financial institutions. Both appointees advocated that the CFTC implement stricter cryptocurrency regulations to protect consumer interests and address conflicts of interest in the cryptocurrency space. If this appointment is confirmed, the CFTC's internal structure will undergo a major overhaul. Democratic Chairman Rostin Behnam will co-chair with Republican Commissioners Caroline Pham and Summer Mersinger, giving Republicans a majority on the commission.

TD Cowen Investment Bank expects the Biden administration to fill both vacancies quickly, although the new appointees likely won't take up their positions until the fall. This development brings new uncertainty to the crypto community but also raises speculation about future regulatory strategies.

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