Will Trump fill CFTC seats before the CLARITY Act rewrites crypto rules?
House Agriculture Committee Chairman Glenn Thompson and Ranking Member Angie Craig urged President Donald Trump to appoint a full slate of Commodity Futures Trading Commission members.
Summary
- House Agriculture leaders want Trump to fill CFTC seats before new crypto rules go into effect.
- Pressure on CFTC staff increased after the Senate Banking Committee advanced CLARITY in a bipartisan 15-9 vote.
- Industry leaders say that clear regulations can support tokens, stablecoins, consumer protection, and the growth of the corresponding market.
Their May 15 letter said the CFTC is dealing with urgent work related to derivatives markets, new technologies, and changing market structures.
Lawmakers say Congress and the White House are working on legislation that would expand the CFTC’s authority over digital asset trading. They said the five-member commission would produce better rules, longer-lasting rules, and broader input from derivatives market users.
The Senate vote adds pressure on the agency
The request came after the Senate Banking Committee advanced the CLARITY Act by a 15-9 vote. The committee said the bill now moves to the Senate floor, where it would set federal rules for digital assets and market oversight.
A cross-market review said the bill still faces a tough road. The measure needs 60 Senate votes, the ethics provision remains unresolved, and the final text will still need to be reconciled with the House version before reaching Trump’s desk.
In addition, the CFTC already has a small leadership bench. Chairman Michael Selig has been the only sitting commissioner in the five-seat agency, and Reuters reported in April that he told Congress the agency would continue to make rules despite the empty seats.
Industry comments shared with crypto.news show why the labor issue is important to crypto firms. Aptos Labs CEO Avery Ching said, “Builder input is needed to create the best framework for digital assets.” Bitfinex Securities Chief Operating Officer Jesse Knutson said investors want access to markets “not limited by legacy infrastructure.”
DoubleZero General Counsel Mari Tomunen said the bill helps create clear legal boundaries for decentralized and non-childcare services. The CEO of Blockaid, Ido Ben-Natan, said that the debate should go to clear laws regarding the protection of consumers, the prevention of illegal funds, and transparency in the markets.
The burden of governance increases over the market structure
The CFTC’s current work extends to prediction markets and innovation policy. Crypto.news previously reported that the organization has named members of the Innovation Task Force as it expands work on crypto markets, AI, and predictions.
The agency also struggled to protect its role in the prediction markets. On May 12, the CFTC filed an amicus brief with the Sixth Circuit in the Kalshi case, arguing that it has exclusive jurisdiction over futures markets.
