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

Odaily reported that the White House sent a letter to Senate leaders from both parties, responding to Democratic criticism that the Trump administration has refused to appoint CFTC commissioners. Currently, only Republican Chairman Michael Selig holds one of the five seats on the CFTC. If the Clarity Act passes, the CFTC will become the core regulatory body for crypto assets. The White House stated that it has solicited a list of candidates from Democrats for SEC and CFTC nominees but has not received a response, and accused Democrats of obstructing the nominations. Democrats had previously criticized Trump for attempting to monopolize control of the CFTC. The White House also cited a recent Supreme Court ruling, stating that the president has the authority to fire heads of independent agencies.