Senator Booker Expresses Doubts Over Crypto Market Bill Without Democrats on CFTC/SEC
Senator Cory Booker (D-NJ) leads Senate Democrats in negotiations on a crypto market structure bill that seeks to establish bipartisan oversight by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Booker emphasized that White House assurances to appoint Democrats to these agencies would be insufficient to secure his support, warning that failing to address minority-party representation could jeopardize the bill's passage.
The proposed market structure legislation would grant regulators broad authority over crypto regulation, heightening concerns about preserving minority-party commissioners on the CFTC and SEC. Both agencies currently lack any Democratic commissioners as of January, with the Trump administration having resisted nominating Democrats. This situation is potentially complicated by an anticipated Supreme Court decision that may overturn a 90-year precedent limiting presidential removal of federal regulators, potentially enabling the removal of Democratic commissioners.
Discussions are underway about imposing bipartisan commissioner quorums required for the SEC and CFTC to function, though it remains unclear whether the White House would agree to such measures. Mike Selig, the White House nominee to lead the CFTC, would be the sole Republican commissioner if confirmed and maintains that the CFTC can operate effectively with a single chairman.
Booker continues private talks with Senate Republicans on potential solutions while publicly maintaining optimism that the crypto market structure bill will eventually pass.
