The White House is expected to nominate U.S. Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero as the next Federal Deposit Insurance Corporation (FDIC) chair and Kristin Johnson to a senior Treasury post, media outlets have reported. Goldsmith Romero, one of the CFTC’s three Democratic commissioners, is expected to have her first hearing on July 8. She is the sponsor of a Technology Advisory Committee that includes members stablecoin issuer Circle, blockchain analytics firm TRM Labs, and Cryptocurrency custody firm Fireblocks. The committee was created to protect U.S. citizens from cyber attacks and ensure the responsible development of digital assets. Goldsmith Romero has been vocal about crypto regulation, emphasizing the importance of getting it right in Washington. She would replace Martin Gruenberg, who is stepping down in response to a report that highlighted the need for changes to address widespread sexual harassment and other misconduct at the FDIC. The FDIC is an independent body created by the U.S. Congress to help maintain stability in the financial system. The FDIC’s inspector general noted that the body had not provided clear guidance to banks regarding crypto following the failure of some crypto banks last year. The FDIC is expected to offer clearer guidance and support to banks this year, as well as crack down on crypto companies making false claims about customer protections. Kristin Johnson, another Democratic commissioner, is set to be nominated for the role of Assistant Secretary for Financial Institutions at the Treasury Department. Johnson has previously commented on heightened penalties for Binance by the CFTC due to prior warnings for crypto firms to comply. The nominations of Goldsmith Romero and Johnson come at a crucial time for the financial industry, with a focus on crypto regulation and ensuring the stability of the financial system. It is expected that both nominees will bring valuable expertise and insights to their respective roles, contributing to the ongoing efforts to enhance regulatory frameworks and protect consumers in the rapidly evolving digital asset landscape.
