U.S. Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero is expected to be nominated as the next Federal Deposit Insurance Corporation (FDIC) Chair, while fellow Democratic Commissioner Kristin Johnson is slated for the role of Assistant Secretary for Financial Institutions at the Treasury Department. The White House is reportedly poised to make these nominations, with Goldsmith Romero’s first hearing targeted for July 8.
Goldsmith Romero, one of the CFTC's three Democratic commissioners, has been a vocal proponent of the "responsible development of digital assets." She leads a Technology Advisory Committee that features members from the stablecoin issuer Circle, blockchain analytics firm TRM Labs, and cryptocurrency custody firm Fireblocks.
A report last month, which prompted the resignation of the current FDIC Chair Martin Gruenberg, cited the need for a change in the FDIC's culture following findings of widespread sexual harassment and misconduct. Goldsmith Romero’s nomination comes at a time when the FDIC has been urged to provide "clearer guidance" to banks regarding Bitcoin and crypto.
Should the nominations proceed as expected, the appointments of Goldsmith Romero and Johnson will be instrumental in advancing President Joe Biden's regulatory agenda, which includes significant bank capital increases, ahead of the U.S. presidential election.
