Chairman Joe Biden has hired the interim chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, to assume his role on a permanent basis and two others to fill the commissioner’s vacancies.
In an announcement on Monday (13) from the White House, President Biden he said who planned to name Behnam – who has served as leader of the Commodity Futures Trading Commission since former chairman Heath Tarbert left in January – as well as Kristin Johnson and Christy Goldsmith Romero. Everything must be confirmed by the Democrat-controlled Senate.
According to his faculty profile at Emory University School of Law, Johnson has examined the implications of “innovative emerging technologies, including distributed digital accounting technologies that enable the creation of digital assets and intermediaries”. she already had suggested establish greater government oversight of crypto platforms.
Romero has served as special inspector general for the Troubled Asset Relief Program, an initiative created to “prevent and detect fraud, waste and abuse” following the 2008 financial crisis. She also served as a senior advisor in the US Securities and Exchange Commission’s (SEC) Enforcement Division.
It is unclear how the addition of Johnson and Romero will affect policy on digital assets at the CFTC. Dawn Stump told Cointelegraph in August that the government agency “does not regulate commodities and therefore does not regulate cryptoactives, even if they are commodities.”
The CFTC typically has five commissioners on its panel, but there have been two empty seats since the departure of Brian Quintenz on Aug. 31 and former president Tarbert in January. All nominations must be presented by the President of the United States and confirmed by the Senate by a simple majority vote. Democrats currently control 50 of the 100 Senate seats, with Vice President Kamala Harris able to act as a tiebreaker.
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