CFTC Is Down to Just 1 Commissioner as White House Vets 4 Candidates — Key Crypto Bill Vote Looms: Report

The White House has reportedly vetted candidates for four vacant seats on the Commodity Futures Trading Commission (CFTC).

It remains unclear when, or if, nominations will move forward, CNBC reported Friday, citing unnamed sources.

The vacancies leave the agency far short of its intended bipartisan structure. According to the law, no more than three of the CFTC’s five commissioners can belong to the same political party, helping ensure representation from both parties.

Chairman Michael Selig currently serves as the agency’s only commissioner.

The CFTC oversees U.S. derivatives markets, including futures, options and swaps. It has also taken on a growing role in regulating emerging asset classes, such as cryptocurrency and prediction market platforms.

Democrats Say They’ve Already Acted

The delay has become a point of contention. In July, the administration told Senate leadership that Democrats hadn’t submitted nominee recommendations for either the CFTC or the Securities and Exchange Commission.

According to CNBC, Senate Minority Leader Chuck Schumer‘s office pushed back, saying names for both agencies had already been sent. “We have done our part,” a Schumer spokesperson said, adding the White House should “act quickly” if candidates have been vetted.