Democratic Nominees Absent for SEC and CFTC Posts, White House Claims
President Donald Trump has yet to announce appointments to fill Democratic commissioner vacancies at two key US financial regulatory bodies, both operating with limited leadership staff.
Officials at the White House have asserted that Senate Democrats failed to provide candidate names despite requests for potential commissioners to serve at two key US financial oversight bodies.
A Thursday correspondence addressed to Senate majority leader John Thune and minority leader Chuck Schumer revealed that White House officials had previously requested candidate names from Senate Democrats to fill positions at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Both regulatory agencies currently operate with incomplete leadership panels, having only Republican members who have been nominated and confirmed through the Senate process.
The correspondence followed a June 10 inquiry from a dozen Senate Democrats raising concerns about personnel shortages across various US federal agencies, with the SEC and CFTC among those highlighted. While President Donald Trump has submitted Democratic candidates for certain agency positions, such as those at the National Labor Relations Board and International Trade Commission, numerous lawmakers have voiced apprehension regarding the financial regulators operating with insufficient staff as crypto market structure legislation remains under consideration.
By Thursday's count, the SEC operated with two unfilled Democratic commissioner positions alongside three Republican commissioners, including Hester Peirce, who is anticipated to depart by November. At the CFTC, Republican Michael Selig served as both chair and the agency's only commissioner, and during his seven-month tenure, he has been vocal in asserting what he described as the agency's "exclusive jurisdiction" over companies operating prediction markets.
"In a sharp break from precedent across Republican and Democratic administrations, you have refused in almost every instance to engage with Senate Democratic leadership in the normal process of identifying Democratic nominees to fill vacancies on independent agencies. Instead, the White House appears set on leaving the vast majority of these critical positions open indefinitely."
Democratic senators in June
Since June 24, Trump has made no announcements regarding nominations forwarded to the Senate. Cointelegraph contacted a White House spokesperson seeking comment but had not received a response at the time of publication.
CFTC chair says agency could write "all the rules" on digital assets without legislation
As the Senate remains in state work periods through the weekend until Monday's return, reports indicate that certain lawmakers continue negotiations surrounding the Digital Asset Market Clarity (CLARITY) Act, with Republicans making preparations for a potential July vote on the proposed legislation.
The proposed digital asset market structure legislation has encountered substantial delays following its passage through the House of Representatives in July 2025, with factors including government shutdowns and disputes over ethics-related provisions in the bill connected to Trump's involvement in the cryptocurrency sector. Although two Senate committees have moved forward with their respective versions of the legislation during the current year, the bill requires additional Democratic backing to reach the necessary 60-vote threshold for passage in the chamber.
"I do think there's a little bit of this creep into ethics and other types of extraneous issues and [Democrats are] just derailing this real opportunity to have a bipartisan bill in place. Otherwise, you end up with regulators like me writing all the rules, and I'm sure all the Democrats would prefer to get something in place that's bipartisan."
Michael Selig, CFTC chair, in a Wednesday interview with Fox Business