TechFlow reports, according to The Block, that U.S. President Joe Biden announced on Thursday the nomination of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation (FDIC), as stated in a White House press release. He also nominated CFTC Commissioner Kristin Johnson for the role of Assistant Secretary of Financial Institutions at the Treasury Department.
Both Democratic CFTC commissioners have urged the agency to issue rules or guidance aimed at protecting consumers and addressing conflicts of interest within the cryptocurrency sector.
Romero has previously warned of "contagion risks" in the crypto market, drawing comparisons between the industry and the 2008 financial crisis. She also chaired the CFTC’s Technology Advisory Committee, which voted earlier this year to submit a report urging government and industry efforts to better understand decentralized finance (DeFi).
Kristin Johnson stated last year that the Commodity Futures Trading Commission should “immediately establish regulatory requirements regarding asset custody.” The Biden administration is pushing to begin initial nomination hearings during the week of July 8.
