House Agriculture Leaders Press Trump to Fill 4 CFTC Vacancies Ahead of CLARITY Act

Suehyeon Lee

Summary

Leaders of the U.S. House Agriculture Committee urged President Donald Trump to quickly fill four vacant CFTC seats.
The CLARITY Act cleared the U.S. Senate Banking Committee in a 15-9 vote and would give the CFTC much of the authority to oversee the spot market for digital commodities.
The Block reported that the White House reviewed a pool of CFTC candidates that included people recommended by both parties, but Trump has yet to make any additional nominations beyond Chairman Michael Selig.

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Leaders of the U.S. House Agriculture Committee have urged President Donald Trump to quickly fill vacancies at the Commodity Futures Trading Commission.

The Block reported on May 16 that House Agriculture Committee Chairman Glenn Thompson and Ranking Member Angie Craig, in a joint letter, called for nominations to fill the CFTC's four vacant commissioner seats.

"A full five-member commission would help create a more stable and sustainable regulatory framework," they wrote. They added that a full panel is also important to reflect the views of a broad range of market participants.

The request is drawing attention because it comes as lawmakers debate expanding the CFTC's authority over digital-asset regulation.

On May 14, the Senate Banking Committee advanced the CLARITY Act, a U.S. digital-asset market structure bill, by a 15-9 vote. The legislation would give the CFTC much of the authority to oversee the spot market for digital commodities.

The letter also cited CFTC Chairman Michael Selig's testimony at a House Agriculture Committee hearing in April, where he laid out an aggressive rulemaking timetable.

Selig has effectively served as the CFTC's only commissioner since taking office in December.

The Block also reported that the White House reviewed potential CFTC nominees earlier this year, including candidates recommended by both Republicans and Democrats. Trump has not made any additional nominations beyond Selig.