White House Expected to Nominate CFTC Commissioners to FDIC, Treasury Roles: Reports

The White House is expected to nominate U.S. Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero as the next Federal Deposit Insurance Corporation (FDIC) chair and Kristin Johnson to a senior Treasury post, media outlets have reported.

Goldsmith Romero, one of the CFTC’s three Democratic commissioners is expected to have her first hearing on July 8, Reuters said on Thursday.

She is the sponsor of a Technology Advisory Committee that includes members stablecoin issuer Circle, blockchain analytics firm TRM Labs and Cryptocurrency custody firm Fireblocks. The committee was created to protect U.S. citizens from cyber attacks, ensure “responsible development of digital assets,” Goldsmith Romero said at the time.

She has been outspoken when it comes to crypto, evvel commenting that the mood in Washington was to “get it right,” when it came to regulation.

Goldsmith Romero will replace Martin Gruenberg, who is stepping down in response to a report that stated that the FDIC had to make changes to address widespread sexual harassment and other misconduct, published last month. The report recommended that new officials be appointed to change the FDIC’s culture.

The FDIC is an independent body created by the U.S. Congress that is meant to help maintain stability in the financial system. The FDIC’s inspector general said the body had not given banks clear enough guidance when it came to crypto in October last year, following the failure of some crypto banks. The FDIC was expected to give clearer guidance and support to banks this year. The agency has also come down on various crypto companies for making false claims about customer protections.

Johnson, another Democratic commissioner, will also be nominated for the role of Assistant Secretary for Financial Institutions at the Treasury Department, at the same time, a source told Reuters. Johnson has come out and said that Binance’s CFTC penalties were heightened because of the regulators prior warnings for crypto firms to comply.

CoinDesk sent a comment request to the CFTC, FDIC, and the Treasury.