CFTC Vacancies Become Obstacle to Clarity Act Progress, White House and Democrats Trade Blame

Odaily reports that the White House has sent a letter to the leaders of both parties in the Senate, responding to Democratic criticism that the Trump administration has refused to appoint CFTC commissioners. Currently, out of the five commissioner seats on the CFTC, only Republican Chairman Michael Selig is in office. If the Clarity Act passes, the CFTC will become the core regulatory body for crypto assets. The White House stated that it has sought lists of nominees for the SEC and CFTC from Democrats but has received no response, and accused Democrats of obstructing the nominations. Democrats previously criticized Trump for attempting to monopolize control over the CFTC. The White House also cited a recent Supreme Court ruling, asserting that the President has the authority to dismiss heads of independent agencies.