The White House has reportedly vetted candidates for four vacant seats on the Commodity Futures Trading Commission (CFTC).
It remains unclear when, or if, nominations will move forward, CNBC reported Friday, citing unnamed sources.
The vacancies leave the agency far short of its intended bipartisan structure. According to the law, no more than three of the CFTC’s five commissioners can belong to the same political party, helping ensure representation from both parties.
Chairman Michael Selig currently serves as the agency’s only commissioner.
The CFTC oversees U.S. derivatives markets, including futures, options and swaps. It has also taken on a growing role in regulating emerging asset classes, such as cryptocurrency and prediction market platforms.
Democrats Say They’ve Already Acted
The delay has become a point of contention. In July, the administration told Senate leadership that Democrats hadn’t submitted nominee recommendations for either the CFTC or the Securities and Exchange Commission.
According to CNBC, 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 the White House should “act quickly” if candidates have been vetted.
The White House did not immediately respond to Benzinga’s request for comment.
The unfilled seats now carry added weight. The Senate is set to hold a key procedural vote Sept. 15 on the Clarity Act, a crypto market structure bill requiring 60 votes to pass. Some Democrats say they’re hesitant to support legislation dividing digital-asset oversight between the CFTC and SEC while both agencies remain 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.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Robert V Schwemmer
