The Commodity Futures Trading Commission is in a tough spot: it's supposed to have five commissioners, but right now it has just one. And while the White House has reportedly vetted candidates for the four empty seats, it's unclear when or if those nominations will actually move forward.
According to CNBC, which cited unnamed sources, the White House has completed vetting for potential commissioners. But the delay has left the agency far from its intended bipartisan structure. By law, no more than three of the five commissioners can belong to the same political party, which is meant to ensure both sides have a voice.
Chairman Michael Selig is currently flying solo as the agency's only commissioner. That's a problem because the CFTC oversees U.S. derivatives markets, including futures, options and swaps, and it's increasingly playing a role in regulating crypto and prediction markets.
Democrats Say They've Already Done Their Part
The holdup has become a political flashpoint. In July, the administration told Senate leadership that Democrats hadn't submitted nominee recommendations for either the CFTC or the Securities and Exchange Commission. But Senate Minority Leader Chuck Schumer's office pushed back, saying names for both agencies had already been sent.
"We have done our part," a Schumer spokesperson said, adding that the White House should "act quickly" if candidates have been vetted. The White House didn't immediately respond to a request for comment.
The empty seats are now carrying extra weight. The Senate is set to hold a key procedural vote on Sept. 15 on the Clarity Act, a crypto market structure bill that needs 60 votes to pass. Some Democrats are hesitant to support legislation that would split digital-asset oversight between the CFTC and SEC while both agencies are understaffed.
Bipartisan lawmakers, including Reps. Glenn Thompson (R-Pa.) and Angie Craig (D-Minn.), have separately urged the White House to nominate a full slate of commissioners, CNBC reported.
Image via Shutterstock/ Robert V Schwemmer
