According to BlockBeats, on June 18th, TD Cowen, an investment bank, suggested that President Biden's nominations for two leaders of the U.S. Commodity Futures Trading Commission (CFTC) could potentially impact the agency's future approach to cryptocurrency.
Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson to serve as Assistant Secretary for Financial Institutions at the Department of Treasury. Both nominees have advocated for the agency to establish rules or guidelines to protect consumers and address conflicts of interest in cryptocurrency.
If Romero and Johnson successfully assume their new roles, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, giving the Republicans a majority.
In a report on Monday, TD Cowen stated that given these changes, the Biden administration will quickly fill these two vacancies. However, the replacements may not be confirmed until the fall.
