President Biden's big move on cryptocurrency regulation!
On June 18, big news came! President Biden's appointment of personnel to the Commodity Futures Trading Commission (CFTC) of the United States has sparked heated discussions in the cryptocurrency community🔥. According to The Block, this change may have a profound impact on the CFTC's regulatory strategy for cryptocurrencies.
President Biden nominated two heavyweights: Christy Goldsmith Romero will head the Federal Deposit Insurance Corporation (FDIC), and Kristin Johnson will serve as Assistant Secretary of the Treasury Department for Financial Institutions. These two bigwigs have been actively pushing the CFTC to formulate stricter cryptocurrency regulatory rules to protect consumer interests and resolve conflicts of interest in the cryptocurrency field.
If these two new officials take office, the internal structure of the CFTC will undergo a huge change. At that time, Democratic Chairman Rostin Behnam will co-helm with Republican Commissioners Caroline Pham and Summer Mersinger, and the Republican Party will occupy a majority of seats.
