Biden nominates CFTC commissioner to serve as FDIC and Treasury officials

ChainCatcher news, according to The Block, based on a statement released by the White House on Thursday, U.S. President Joe Biden announced the nomination of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation (FDIC), and nominated CFTC Commissioner Kristin Johnson to serve as Assistant Secretary for Financial Institutions at the Treasury Department.

Both Democratic CFTC commissioners have urged the agency to issue rules or guidelines to protect consumers and address conflicts of interest in the cryptocurrency space.

Romero has warned that there is a "contagion risk" in the cryptocurrency market and compared the industry to the financial crisis of 2008. Romero also sponsored the CFTC's Technology Advisory Committee, which voted earlier this year to submit a report to the commission calling for government and industry efforts to understand decentralized finance.

Kristin Johnson stated last year that the Commodity Futures Trading Commission should "immediately establish regulatory standards for asset custody." The Biden administration is pushing for the first nomination hearings to begin in the week of July 8.