Biden's move to nominate two U.S. CFTC commissioners for other positions could affect the regulator's cryptocurrency policy

Investment bank TD Cowen says President Biden's move to nominate two heads of the U.S. Commodity Futures Trading Commission (CFTC) could affect the agency's future approach to cryptocurrencies. Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson to be the Treasury Department's assistant secretary for financial institutions. Both commissioners have pushed the agency to put in place rules or guidelines to protect consumers and address conflicts of interest in cryptocurrencies. If Romero and Johnson are successful in their new roles, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, with Republicans holding a majority. Given the change, a Biden administration would quickly fill both vacancies, TD Cowen said in a report Monday. However, a replacement may not be confirmed until the fall.