Biden Taps CFTC Commissioner to Lead Crypto Regulation at Treasury

IconCryptoNewsTerminal Staff14 Jun, 2024

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Biden Taps CFTC Commissioner to Lead Crypto Regulation at Treasury

President Joe Biden has nominated Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson to be Treasury under secretary for domestic finance, a move that could accelerate regulation of the cryptocurrency industry, according to The Block. Johnson has been a vocal advocate for increased oversight of digital assets, calling for more regulation of artificial intelligence (AI) in financial markets, including decentralized finance (DeFi). She has also said that the recent Binance fine is “a model for how crypto firms should be regulated.” If confirmed by the Senate, Johnson would be responsible for overseeing domestic financial policy at the Treasury Department, including regulation of the cryptocurrency industry. Her nomination is seen as a sign that the Biden administration is taking a more aggressive approach to regulating crypto. In a separate move, Biden has nominated current CFTC Commissioner Christy Goldsmith Romero to be the next chair of the Federal Deposit Insurance Corp. (FDIC).

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