President Biden announced nominations for SEC, FDIC and Treasury leadership

US President Joe Biden shakes up the leadership of the financial regulators he recently appointed to the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Financial Stability Oversight Council.

In a June 13 announcement, the White House said President Biden intends to appoint Christie Goldsmith Romero to the Commodity Futures Trading Commission (CFTC) to replace FDIC Chairman Martin Grunberg. He also plans to name CFTC Commissioner Christine Johnson as Assistant Secretary for Financial Institutions at the Treasury Department and Carolyn Crenshaw as SEC Commissioner.

Romero has been serving as CFTC Commissioner since March 2022 after being nominated by President Biden and is considered by many to be one of the most pro-crypto voices in the regulatory body. It is not clear if her appointment as FDIC chairman rather than filling the leadership position vacated by Gruenberg was related to her experience in securities and kriptovalyutnogo. In May, the incoming FDIC chairman vowed to resign after allegations of a workplace culture of sexual harassment and discrimination surfaced.

The term of commissioners will end soon

Crenshaw's SEC tenure ends on June 5. She has served on the commission since 2020. In her five years at the SEC, she has voted against listing and trading Bitcoin (BTC) exchange-traded funds. Markets were “corrupted by fraud and fraud” and he was seen by many as one of the anti-crypto voices on the commission, along with chairman Gary Gensler.

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Romero's term at the CFTC expired in April, while Johnson was allowed to serve until 2025. President Biden said he intends to nominate Hawaii Insurance Commissioner Gordon Eaton to serve on the Financial Stability Oversight Council. If presented to Congress, all candidates will vote in the Senate.

A possible leadership candidate in a critical financial regulatory body comes in an election year in the United States when many voters are scrutinizing how the government handles digital assets. Some critics have pointed to President Biden's anti-crypto policies, such as his rejection of the SEC's decision to overrule banks' digital currencies.

Former President Donald Trump The 2024 Republican candidates met with executives representing crypto mining companies on June 12. Trump was the first current or former US president to be charged with a felony, and on June 13, prosecutors are expected to file charges. Recommendations for sentencing.

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