White House · Donald Trump · CLARITY Act · US Senate · The Block
Some Democrats want the question settled in statute
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The leaders of the House Agriculture Committee on Friday urged President Donald Trump to fill the four open seats on the Commodity Futures Trading Commission, pointing to the agency's expanding crypto mandate and a flood of pending rulemakings.
Key facts
- The push comes one day after the Senate Banking Committee voted 15-9 to advance the CLARITY Act, the crypto market structure bill that would grant the CFTC sweeping new authority over spot digital
- The letter cited CFTC Chairman Michael Selig's April 16 testimony before the committee, where he outlined an aggressive rulemaking agenda
- The House passed its version of the bill last July with 294 votes
- The leaders of the House Agriculture Committee on Friday urged President Donald Trump to fill the four open seats on the Commodity Futures Trading Commission, pointing to the agency's expanding
Summary
Chairman Glenn "GT" Thompson, R-Pa., and Ranking Member Angie Craig, D-Minn., wrote in a joint letter that the CFTC will be "best served by a full five-member commission," delivering "better regulations, more durable rules, and more sensitivity to the divergent views of key derivatives market stakeholders. The letter cited CFTC Chairman Michael Selig's April 16 testimony before the committee, where he outlined an aggressive rulemaking agenda. While the CFTC is intended to have a bipartisan commission of five members, there is no law requiring the commission to be full; the law only requires that no more than three members of any political party be appointed to the commission.