On November 13, U.S. President Trump nominated Republican Steven Levine to replace former SEC Commissioner Hester Peirce. Peirce, who previously served as director of the SEC’s cryptocurrency task force, is widely recognized in the industry as one of the most influential advocates for cryptocurrency. Trump also nominated Democrat Kristin Johnson to fill the seat vacated by SEC Commissioner Caroline Crenshaw; Johnson previously advocated for strengthening customer protection rules for cryptocurrency firms during her tenure at the CFTC. As for the CFTC, Trump nominated Republican Nathan Anonick and Democrat Matthew Rowland, both of whom participated in drafting the CLARITY Act.
Of the five commissioner seats on the SEC, only two are currently filled, while the CFTC has only one sitting commissioner, Chairman Mike Selig. All nominees must testify before the relevant Senate committee and be confirmed by a full Senate vote. Since the Democrats will take control of the Senate in January, the Republicans have a limited window of time to confirm President Trump’s nominees.
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