Biden nominates CFTC commissioners for top FDIC and Treasury posts

Odaily Odaily News According to a statement released by the White House on Thursday, US President Joe Biden announced the nomination of Christy Goldsmith Romero, a member of the Commodity Futures Trading Commission (CFTC), to lead the Federal Deposit Insurance Corporation (FDIC), and nominated CFTC Commissioner Kristin Johnson as Assistant Secretary of the Treasury Department for Financial Institutions. Both Democratic CFTC commissioners urged the agency to issue rules or guidelines to protect consumers and resolve conflicts of interest in the cryptocurrency field. Romero has warned that there is a "contagion risk" in the cryptocurrency market and compared the industry to the 2008 financial crisis. Romero also sponsored the CFTC's Technical Advisory Committee, which voted earlier this year to submit a report to the committee calling on the government and industry to work to understand decentralized finance. Kristin Johnson said last year that the Commodity Futures Trading Commission should "immediately develop regulatory provisions for asset custody." The Biden administration is pushing for the first nomination hearing to begin the week of July 8.