Rep. Maxine Waters, a rating member within the US Home Committee on Monetary Companies, 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 intensive 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 function 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) inside the CFTC additional demonstrates her dedication to staying abreast of rising monetary applied sciences.
She added:
“Commissioner Johnson supplied the Committee with essential insights on a variety of matters, like entry to credit score, credit score underwriting, honest lending, AI, digital belongings, information privateness, cybersecurity, and monetary stability, in addition to applicable 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 business, citing her open-mindedness and productiveness on blockchain issues.
Over the previous yr, Johnson has made a number of interventions inside the crypto business and has persistently advocated for a regulation-first strategy for the rising business.
Nonetheless, others inside the group have expressed reservations, suggesting that Johnson’s nomination could not essentially translate into direct advantages for the crypto business, citing the instance of SEC’s chair Gary Gensler.
Earlier than assuming workplace in 2021, Gensler’s nomination was met with optimism from many locally as they anticipated a regulatory surroundings favorable to the rising business.
Nonetheless, the Gensler-led SEC has introduced a number of enforcement actions towards main crypto corporations like Coinbase and Binance and has persistently maintained that the business operates outdoors of compliance.
