Rep. Maxine Waters, a rating member within the US Home Committee on Monetary Providers, has proposed the nomination of Ms. Kristin Johnson, a present Commissioner of the US Commodity Futures Buying and selling Fee (CFTC), for the place of Assistant Secretary for Monetary Establishments on the US Division of Treasury.
In a Could 2 letter addressed to President Joe Biden, Rep. Waters cited Johnson’s in depth experience in monetary regulation and her dedication to upholding the integrity of economic markets throughout her tenure as a CFTC Commissioner.
In keeping with Waters:
“In her position as a CFTC Commissioner, Commissioner Johnson has prioritized sustaining the integrity of our monetary markets. She has pushed the Fee to undertake rigorous capital, collateral, and margin requirements
Furthermore, Waters highlighted Johnson’s advocacy for investor safety and her efforts to carry those that undermine client safety legal guidelines accountable. The lawmaker famous that Johnson’s management in regulating Synthetic Intelligence (AI) throughout the CFTC additional demonstrates her dedication to staying abreast of rising monetary applied sciences.
She added:
“Commissioner Johnson supplied the Committee with necessary insights on a variety of matters, like entry to credit score, credit score underwriting, honest lending, AI, digital belongings, knowledge privateness, cybersecurity, and monetary stability, in addition to acceptable regulation of banks and fintechs.”
Win for crypto?
Waters’ nomination of Johnson has drawn various reactions from the crypto group.
Some, like Consensys Lawyer Invoice Hughes, view Johnson’s potential appointment as a major boon for the crypto trade, citing her open-mindedness and productiveness on blockchain issues.
Over the previous yr, Johnson has made a number of interventions throughout the crypto trade and has constantly advocated for a regulation-first method for the rising trade.
Nevertheless, others throughout the group have expressed reservations, suggesting that Johnson’s nomination could not essentially translate into direct advantages for the crypto trade, citing the instance of SEC’s chair Gary Gensler.
Earlier than assuming workplace in 2021, Gensler’s nomination was met with optimism from many in the neighborhood as they anticipated a regulatory surroundings favorable to the rising trade.
Nevertheless, the Gensler-led SEC has introduced a number of enforcement actions in opposition to main crypto corporations like Coinbase and Binance and has constantly maintained that the trade operates outdoors of compliance.