White House Defends Trump Administration’s CFTC Nomination Approach in Letter to Senate Leaders

The White House sent a letter to bipartisan Senate leaders responding to Democratic criticism that the Trump administration has refused to appoint commissioners to the Commodity Futures Trading Commission (CFTC). According to Odaily, the CFTC currently has only one serving commissioner, Republican Chair Michael Selig, out of five commissioner seats. The letter said the White House sought a list of potential nominees for the Securities and Exchange Commission (SEC) and the CFTC from Democrats but did not receive a response, and it accused Democrats of obstructing nominations. Democrats had previously criticized U.S. President Donald Trump for attempting to consolidate control of the CFTC. The White House also cited a recent U.S. Supreme Court ruling, stating that the president has the authority to dismiss heads of independent agencies. The letter noted that if the Clarity Act is passed, the CFTC would become the core regulator for crypto assets.