Written by Turner Wrightstaff writerReviewed by Sam Bourgistaff writer

Written by Turner Wrightstaff writer

Reviewed by Sam Bourgistaff writer

White House says it received no Democratic nominees for SEC, CFTC vacancies

Latest NewsPublishedJul 9, 2026

Both US financial regulators are understaffed at the leadership level and lacking Democratic commissioners, with no announcement from President Donald Trump on filling the roles.

White House officials claimed that they had “not received names” in response to requests to Senate Democrats for potential commissioners to two US financial regulatory agencies.

In a Thursday letter to US Senate majority leader John Thune and minority leader Chuck Schumer, White House officials stated that they had already solicited names from Senate Democrats for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The leadership panels of both financial agencies are understaffed, with only Republican members nominated and verified by the Senate.

The letter came in response to a June 10 request from 12 Senate Democrats over staffing concerns at US federal agencies, including the SEC and CFTC. Although US President Donald Trump has put forward some Democratic names for positions at agencies, including the National Labor Relations Board and International Trade Commission, many lawmakers have expressed concerns about the financial regulators being understaffed with crypto market structure legislation pending.

As of Thursday, the SEC had two vacant Democratic seats with three Republican commissioners, one of whom, Hester Peirce, was expected to leave by November. The CFTC chair and sole commissioner was Republican Michael Selig, who, in his seven months on the job, has been outspoken about defending what he called the agency’s “exclusive jurisdiction” over prediction market companies.

Related: Wyden urges Senate leaders to keep dev protections in crypto bill

“In a sharp break from precedent across Republican and Democratic administrations, you have refused in almost every instance to engage with Senate Democratic leadership in the normal process of identifying Democratic nominees to fill vacancies on independent agencies,” stated the Democratic senators in June. “Instead, the White House appears set on leaving the vast majority of these critical positions open indefinitely.”

Trump had not revealed any nominations sent to the Senate since June 24. Cointelegraph reached out to a White House spokesperson for comment but did not receive an immediate response.

CFTC chair says agency could write “all the rules” on digital assets without legislation

With the Senate on state work periods until Monday, there have been reports that some lawmakers are continuing to discuss the Digital Asset Market Clarity (CLARITY) Act, with Republicans preparing to vote on the bill in July. 

Source: Cynthia Lummis

The digital asset market structure legislation has already faced notable delays since passing the House of Representatives in July 2025, with government shutdowns and debates over ethics provisions in the bill amid Trump’s ties to the crypto industry. While two Senate committees advanced their versions of the bill this year, the legislation still needs some Democratic support to meet the 60-vote threshold in the chamber.

“I do think there’s a little bit of this creep into ethics and other types of extraneous issues and [Democrats are] just derailing this real opportunity to have a bipartisan bill in place,” stated Selig in a Wednesday interview with Fox Business, referring to the CLARITY Act. “Otherwise, you end up with regulators like me writing all the rules, and I’m sure all the Democrats would prefer to get something in place that’s bipartisan.”

Magazine: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• White House
• Donald Trump
• Politics
• Senate
• SEC
• CFTC
• Regulation

More on the subject

Phantom, Hyperliquid ask CFTC to modernize rules for onchain derivatives

16 minutes ago

Nate Kostar

UK politicians mull permanent crypto donation ban in wake of Nigel Farage scandal

3 hours ago

Turner Wright

Revolut says USDT delisting is limited to EEA, Switzerland

9 hours ago

Helen Partz

Phantom, Hyperliquid ask CFTC to modernize rules for onchain derivatives

16 minutes ago

Nate Kostar

UK politicians mull permanent crypto donation ban in wake of Nigel Farage scandal

3 hours ago

Turner Wright

Revolut says USDT delisting is limited to EEA, Switzerland

9 hours ago

Helen Partz