Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Four nominees for regulatory positions across the Biden administration were questioned in a Senate Banking Committee confirmation hearing on Thursday.
Commissioner Caroline Crenshaw of the U.S. Securities and Exchange Commission told senators on Thursday that rampant fraud in crypto markets left her unwilling to approve bitcoin exchange traded products earlier this year.before the Senate Banking Committee, Crenshaw and others seeking Senate confirmations defended their records. Crypto issues received only minimal attention, including in the questioning of Crenshaw as she seeks another SEC term.
The committee also heard testimony Thursday from Christy Goldsmith Romero, the member of the Commodity Futures Trading Commission who President Joe Biden tapped to chair the Federal Deposit Insurance Corp.; Kristin Johnson, another CFTC commissioner, to be the Treasury Department's assistant secretary for financial institutions; and Hawaii Insurance Commissioner Gordon Ito to be a Member of the Financial Stability Oversight Council.
This round of four nominations for financial regulatory positions is especially significant for the CFTC, which would lose two Democratic members if their appointments are confirmed. It's uncertain how effective that agency – key to digital assets oversight and enforcement – will be if it loses two of its five commissioners and leaves Chair Rostin Behnam as the only Democrat appointee.
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