finance
House Lawmakers Urge Trump to Fill CFTC Commission With Bipartisan Slate
Senior members of the House Agriculture Committee sent a bipartisan letter to President Trump on Friday asking him to nominate four additional commissioners to the Commodity Futures Trading Commission, two from each party. The agency is currently led by a single Republican chairman. The request comes as the CFTC prepares to take on expanded oversight of crypto trading under proposed legislation.
May 15, 5:35 PM·2m read1 source
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U.S. House lawmakers who oversee the Commodity Futures Trading Commission sent a letter to President Donald Trump on Friday urging him to nominate a full slate of commissioners to the agency. The bipartisan letter from the top Republican and top Democrat on the House Agriculture Committee argued that the public, the markets and the agency would be best served by a full five-member commission.
The lawmakers said this structure would lead to better regulations, more durable rules and greater sensitivity to the views of derivatives market participants. The request comes as the CFTC faces a significantly expanded role in overseeing U.S. crypto trading.
Congress and the White House are advancing the Digital Asset Market Clarity Act, which would bring spot digital commodity transactions under federal oversight and require a substantial rulemaking process.
The agency is currently led solely by its Republican chairman, who has said the statute does not require a quorum. This allows the chairman to operate and vote on behalf of the commission while nominees are considered. The chairman told an industry conference last week that he feels a responsibility to advance the president's crypto agenda as quickly as possible.
He added that he is looking to the president and the White House to consider other nominees and is prepared to work with whoever is selected.
The question of CFTC vacancies has become part of negotiations over the Digital Asset Market Clarity Act. The Senate Banking Committee advanced the bill this week, leaving the staffing issue as one of the remaining points of debate. The Trump administration has moved to replace Democrats on several regulatory commissions and boards.
