Three people with knowledge of the matter told CNBC that the White House has already screened candidates for the four open commissioner posts at the Commodity Futures Trading Commission, though no schedule has been established for filling those positions. It is uncertain whether or when action will be taken.
The Commodity Futures Trading Commission oversees derivatives contracts such as futures, options and swaps. It also has a significant role in regulating new types of assets like cryptocurrency and has argued for its jurisdiction over prediction market platforms. At present, under Michael Selig’s leadership, the agency holds only one commissioner, despite the requirement that five serve by law.
The CFTC’s Empty Seats
At present, only one commissioner sits on the CFTC, and that is Selig. The commission’s makeup requires three members to come from the political party holding the White House and two from the opposite party among its five commissioners.
The Trump administration sent a letter to Senate leadership in early July stating that Democrats had failed to deliver recommendations for vacancies on both the CFTC and the Securities and Exchange Commission. Bloomberg News reported earlier this year that bipartisan names were under consideration for the open seats. The letter explained why the White House had yet to fill openings on both Wall Street regulatory bodies.
The Senate’s top Democrat, New York’s Chuck Schumer, reached out to the White House at the end of July with recommendations for the two open Democratic positions at each agency. Since then, his office says it has received no response from the administration.
Schumer’s Office Responds
A spokesperson for Schumer’s office said in a statement that Democrats back full, bipartisan commissions. The statement continued: “We have done our part and sent the White House names for the Democratic vacancies on the CFTC and SEC.”
The spokesman said the office has yet to hear back from the White House, and noted that if the administration has already vetted candidates and is prepared to move forward with nominations, it should act quickly and cooperate with Democrats.
No response came from the White House when asked for comment on this story.
It has not been confirmed whether the people Schumer contacted were among those vetted by the White House for candidates.
The Clarity Act Connection
As the Senate moves toward considering the Clarity Act, a bill concerning the structure of the cryptocurrency market, the vacancies on two federal agencies have turned into a matter of contention. The seats reserved for Democrats on the SEC and the four bipartisan posts at the CFTC remain unfilled, and members of that party have pointed to the White House over the vacancies, given that their support is necessary to secure the 60 votes needed to move the legislation forward.
Lawmakers who are members of the Democratic Party have said they are worried about approving the legislation that would give power over digital assets to the two agencies while key seats on the commission remain vacant.
A Republican involved in Clarity said that filling the open CFTC positions would mark a significant concession from the White House needed to pass the bill. That single point, though, remains just one of several issues slowing down the legislative approval process, alongside worries over President Donald Trump’s family ties to the crypto industry.
On Sept. 15, the Senate will hold a critical vote on whether to proceed with consideration of the Clarity Act.
A Tight Legislative Calendar
It remains unlikely that the measure will become law anytime soon, even if it moves past the Senate. That is because Congress will hold only a few days of sessions this fall, owing to this year’s election.
The House’s final two weeks of September will see no votes, a move made by House Speaker Mike Johnson, R-La., on Thursday. Lawmakers want extra time in their districts and on the campaign trail. The House returns the same week as the Senate plans to take up Clarity, but would then have only two days to resolve any differences with the Senate version before members leave town again.
The timing of that plan suggests the bill could end up waiting until the post-election session following November’s vote.
A Republican working on the legislation told CNBC that without Senate approval for the proposal, the White House is expected to leave all four remaining CFTC commissioner positions unfilled. The source noted this expectation even though they personally favor a full slate of commissioners.
Selig has indicated that the CFTC intends to proceed with its own rulemaking should the legislation fail to move forward in Congress.
Bipartisan Calls to Act
Not only Democrats have asked that the White House fill the four remaining commission spots. In May, Rep. Glenn “GT” Thompson of Pennsylvania, the chairman of the House Agriculture Committee, and Rep. Angie Craig of Minnesota, its ranking member, pressed Trump to put forward candidates for the open positions at the CFTC. The committee oversees matters involving the agency in the lower house.
In a statement to CNBC, Craig repeated his call for the Trump administration to make sure the CFTC has enough staff and resources to carry out its work, including a full bipartisan panel of commissioners.
Thompson said on Tuesday that, like Schumer’s office, he has not heard anything from the White House regarding possible nominations.
He said he has received no response, but he believes strongly that good governance means putting qualified people forward to be confirmed by the Senate to serve in those positions.
Who Has Said What
| Party or Office | Position on CFTC Vacancies | Action Taken |
|---|---|---|
| Democrats (Schumer’s office) | Support full, bipartisan commissions; want White House to act quickly | Sent names for Democratic vacancies to the White House at end of July |
| Republicans (Thompson) | Want qualified people put forth for Senate confirmation | Called on Trump to nominate commissioners in May; no feedback from White House as of Tuesday |
| White House | Has vetted candidates; no clear timeline for action | Sent letter to Senate leadership in early July claiming Democrats had not delivered recommendations, cited as the reason openings were unfilled |
A five-member commission is now running with just one commissioner, putting the CFTC in an unusual spot. The agency’s authority over fast-growing markets — including prediction platforms and crypto — depends entirely on that one person’s judgments. According to the sources, the White House has already completed its candidate vetting process. But whether it moves forward with actual nominations is still unknown.
Source: cnbc.com
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