According to BlockBeats, on June 18, investment bank TD Cowen suggested that President Biden’s nominations of two leaders of the U.S. Commodity Futures Trading Commission (CFTC) could impact the agency’s future approach to cryptocurrencies.

Last week, Biden nominated CFTC Commissioner Christie Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC), and Christine Johnson to serve as Assistant Secretary for Financial Institutions at the Treasury Department. Both candidates have called on the agency to establish rules or guidelines to protect consumers and address conflicts of interest in cryptocurrencies.

If Romero and Johnson successfully assume their new roles, the CFTC will be left with Democratic Chairman Rustin Behnam and Republican Commissioners Carolyn Pham and Summer Mersinger, giving Republicans a majority.

In light of these changes, the Biden administration will fill these two vacancies quickly, TD Quinn said in a report on Monday. However, replacements may not be confirmed until the fall.