TD Cowen: Biden's nomination of two CFTC commissioners to other positions may affect the CFTC's cryptocurrency policy

ChainCatcher news, according to The Block, investment bank TD Cowen stated that President Biden's nomination of two leaders for the U.S. Commodity Futures Trading Commission (CFTC) could impact the agency's future approach to cryptocurrency.

Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and nominated Kristin Johnson as Assistant Secretary for Financial Institutions at the Treasury Department. Both commissioners have advocated for the agency to establish rules or guidelines to protect consumers and address conflicts of interest in cryptocurrency.

If Romero and Johnson successfully take on 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 of seats.

TD Cowen stated in a report on Monday that, given this change, the Biden administration will quickly fill these two vacancies. However, alternative candidates may not be confirmed until the fall.