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.
Based on 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) inside the CFTC additional demonstrates her dedication to staying abreast of rising monetary applied sciences.
She added:
“Commissioner Johnson offered the Committee with necessary insights on a variety of matters, like entry to credit score, credit score underwriting, truthful lending, AI, digital property, knowledge 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 12 months, Johnson has made a number of interventions inside the crypto business and has constantly advocated for a regulation-first method for the rising business.
Nevertheless, others inside the group have expressed reservations, suggesting that Johnson’s nomination might 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 setting favorable to the rising business.
Nevertheless, the Gensler-led SEC has introduced a number of enforcement actions in opposition to main crypto companies like Coinbase and Binance and has constantly maintained that the business operates outdoors of compliance.
