The White House has vetted candidates for four open CFTC commissioner seats, sources say, but whether nominations will move forward remains unclear as a key Senate vote on the Clarity Act crypto bill approaches on September 15.
The White House has vetted candidates for the four open commissioner positions at the Commodity Futures Trading Commission, three people with knowledge of the matter told CNBC, though whether the administration will act on those candidates remains uncertain.
The CFTC currently operates with a single member — chairman Michael Selig — leaving four seats vacant. By statute, the agency is required to have five commissioners, with three drawn from the president's party and two from the opposition party.
The vacancies have become a flashpoint in ongoing Senate negotiations over the Clarity Act, a cryptocurrency market structure proposal. Democrats, whose votes are needed to reach the 60-vote threshold required for passage, have pointed to the empty seats as a source of frustration.
In early July, the Trump administration sent a letter to Senate leadership asserting that Democrats had not delivered recommendations for CFTC and Securities and Exchange Commission vacancies, citing that as the reason openings at both Wall Street regulatory bodies remained unfilled. Senate Minority Leader Chuck Schumer sent a letter at the end of July with suggestions for the open Democratic slots at both agencies.
"Democrats support having full, bipartisan commissions," a spokesperson for Schumer's office said in a statement. "We have done our part and sent the White House names for the Democratic vacancies on the CFTC and SEC." The spokesperson added that the office had not heard anything back from the White House, and that if the administration has vetted candidates and is prepared to make nominations, it should act quickly and work with Democrats.
The White House did not respond to a request for comment.
One person with knowledge of the vetting situation, and a Republican working on the Clarity Act, noted that a commitment by the White House to fill the vacant CFTC seats would represent a key concession capable of securing Democratic support for the legislation. The CFTC commissioner vacancies are, however, just one of several obstacles facing the bill — among them, ethics concerns surrounding President Donald Trump's family's crypto interests.
The Senate is scheduled to hold a key procedural vote on the Clarity Act on September 15. A Republican working on the legislation told CNBC that if the proposal fails to secure Senate approval, the White House is expected to leave the four remaining commissioner seats unfilled, even though that individual personally prefers a full slate.
Calls to fill the vacancies have come from both parties. In May, House Agriculture Committee Chairman Rep. Glenn "GT" Thompson of Pennsylvania and ranking member Rep. Angie Craig of Minnesota jointly urged Trump to nominate commissioners. The House Agriculture Committee oversees CFTC-related matters in the lower chamber.
Craig reiterated that position in a statement. "The Trump administration needs to ensure CFTC has the staff and resources it needs to fulfill its mission, and that includes a full bipartisan panel of commissioners."
Thompson said on Tuesday that he has yet to receive any signal from the White House about potential nominations. "I've had no feedback," he said. "But I truly believe that good governance means that the qualified people are put forth to be Senate confirmed to serve in those positions."
With the September 15 procedural vote approaching, the fate of both the Clarity Act and the CFTC's composition may hinge on the same political calculation — underscoring how closely the agency's staffing crisis has become tied to the broader legislative fight over crypto regulation.
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