No Democrats At SEC & CFTC Is A Roadblock For Crypto’s Clarity Vote

The U.S. House is back in session this Monday, August 31, while the Senate will return after Labor Day on September 14. First order of business will be a Senate cloture vote the next day.

While most of the attention has been on the long, drawn out fight over a compromise on yield and the tug of war over more rigorous ethic measures from the White House, the vacancies at two regulatory agencies is also a major sticking point.

At the heart of market structure legislation is the process for determining when a digital asset is a security or a commodity. That’s why agriculture committees in both chambers have had the pen on drafting the landmark legislation, alongside the financial and banking committees.

Yet, the corresponding regulatory bodies are down key members of leadership and have no Democrats in their ranks.

The Securities and Exchange Commission is about to become a commission of two when Commissioner Hester Peirce retires in November, leaving only Chairman Paul Atkins and Commissioner Mark Uyeda.

Since last December, the Commodity Futures Trading Commission has operated as a one-man federal entity, with Chairman Michael Selig at the helm.

Sole CFTC Commissioner Goes Before House Agriculture Committee