White House Plans to Nominate CFTC Commissioner Johnson for Treasury Position
White Home Plans to Nominate CFTC Commissioner Johnson for Treasury Whisper
The White Home is reportedly keep to nominate Kristin Johnson, a commissioner at the Commodity Futures Procuring and selling Commission (CFTC), to admire a top role at the US Treasury Division overseeing banks, in line with a Would per chance additionally merely 9 yarn by Bloomberg.
In accordance with the yarn, Commissioner Johnson is counseled to change into the Assistant Secretary of the Treasury for Monetary Establishments, with the announcement expected to be made public rapidly.
CFTC Commissioner Anticipated to Coordinate with the US SEC
If confirmed, Johnson will lead financial policies on credit rating unions, insurance protection, and user security. She is going to work carefully with the Treasury Secretary and coordinate with federal regulators and banking agencies.
The Assistant Secretary of the Treasury for Monetary Establishments role has been vacant since Graham Steele’s departure in January 2024.
To this level, the news of a possible crossover for Johnson has sparked considerations concerning a battle of pastime in decision-making.
Congressman Don Meuser expressed his non-approval of the swap in an X publish on Would per chance additionally merely 10.
He argued that the commissioner’s coming near swap raises considerations about conflicting loyalties and pursuits for the legitimate, which he believes might well additionally compromise the impartiality of the CFTC as an just agency.
Unacceptable! @CFTC Commissioner Johnson's supposed appointment to Treasury raises predominant considerations. Any rules she votes on at CFTC now pose a obvious battle of pastime. How attain we have faith the integrity of our just regulatory agencies with such blatant crossover?…
— Congressman Dan Meuser (@RepMeuser) Would per chance additionally merely 10, 2024
Despite Meuser’s considerations, financial specialists and observers are optimistic about Johnson’s confirmation, citing most modern endorsements from influential figures much like Maxine Waters, the Congressional Gloomy Caucus, and the tip Democrat on the Home Monetary Products and services Committee.
In a letter addressed to President Biden on Would per chance additionally merely 2, Waters highlighted Johnson’s principal achievements and expertise, endorsing her for the role.
“In her role as a CFTC Commissioner, Commissioner Johnson has prioritized placing forward the integrity of our financial markets,” Congresswoman Waters said. “She has pushed the Commission to adopt rigorous capital, collateral, and margin requirements. Commissioner Johnson is also main the CFTC’s work on man made intelligence (AI) and inviting the Commission to rigorously evaluation whether existing regulation is match-for-motive or glossy regulation is required.”
Waters, who no longer too long within the past expressed considerations about Meta’s crypto ventures, welcomes Johnson’s nomination. She believes her “person of coloration” residing will form obvious the US Treasury Division’s leadership displays range.
Johnson’s tenure as a CFTC commissioner has been marked by her proactive stance, drawing predominant consideration and acclaim. Remaining yr, she presented a series of proposals to give a take to the CFTC’s oversight of crypto agencies.
Notably, her thought involves empowering the regulator to survey agencies making an strive for to fabricate 10% or more of a CFTC-regulated trade or clearinghouse. More no longer too long within the past, Johnson lauded the Binance settlement, which she described as a template for how crypto agencies must operate within the US.
CFTC Commissioner Proposes Unique AI Suggestions
The yarn of Johnson’s nomination for the Treasury job follows the CFTC commissioner’s drive to address misuse and promote the regulation of man made intelligence (AI).
In a speech at the Sidley Austin and Rutgers Law Faculty Fintech and Blockchain Symposium on Would per chance additionally merely 3, Commissioner Johnson proposed measures much like heightened penalties to form out AI’s role in financial markets, including decentralized finance (DeFi).
The commissioner expressed considerations about AI in DeFi, highlighting how its integration into blockchain-based mostly fully fully ecosystems might well additionally pose glossy challenges for supervision, compliance, threat administration, and enforcement. She identified a key distinction with DeFi: its lack of a central authority, which gadgets it besides mature markets.
Johnson also suggested the creation of an “AI Fraud Enforcement Project Force” comprising attorneys and investigators from barely a couple of departments within the CFTC’s enforcement division and an inter-agency job pressure inviting barely a couple of regulators love the Federal Reserve and the Securities and Alternate Commission.
Source : cryptonews.com
