Biden’s CFTC Picks Include Crypto Law Scholar

The U.S. president plans to nominate Kristin Johnson, a law professor at Emory University, and Christy Goldsmith Romero, who teaches cryptocurrency regulations at the University of Virginia.

Sep 13, 2021 at 9:01 p.m. UTC

Updated Dec 28, 2022 at 9:05 p.m. UTC

Rostin Behnam, acting chairman of the Commodity Futures Trading Commission, from left, Jerome Powell, chairman of the U.S. Federal Reserve, and Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation, walk to the West Wing of the White House in Washington, D.C., U.S., on Monday, June 21, 2021. President Biden is meeting with the nation's top financial regulators for an update on the state of the country's financial systems and institutions. Photographer: Stefani Reynolds/Bloomberg via Getty Images

U.S. President Joe Biden plans to nominate law professor Kristin Johnson and government official Christy Goldsmith Romero to the Commodity Futures Trading Commission (CFTC), and Acting CFTC Chairman Rostin Behnam to be the Senate-confirmed head of the regulatory agency.

If nominated and confirmed, Johnson and Goldsmith Romero would double the current number of CFTC commissioners, following Brian Quintez’s departure last month and Dan Berkovitz’s announcement that he will step down in the middle of October. Behnam, who has served as acting chairman since January, and Dawn Stump are the remaining commissioners at the commodities regulator.

The White House announced Biden’s intent to nominate the three individuals but did not say when he will submit the nominations to the Senate for approval. After he does, the Senate Agriculture, Nutrition and Forestry Committee will hold hearings to vet the candidates and vote to advance the nominations before the overall Senate can vote on the nominees.

Johnson, a law professor at Emory University, specializes in complex financial products regulation, including market trading, clearing and settlement, according to a White House press release.

Goldsmith Romero is the special inspector general for the Office of the Special Inspector General for the Troubled Asset Relief Program, where she has served since 2012. She previously served as counsel in the Securities and Exchange Commission (SEC), the CFTC’s securities-focused counterpart. According to her LinkedIn profile, she teaches cryptocurrency regulations at the University of Virginia, where she is an adjunct professor.

Biden’s announcement comes as lawmakers pay closer attention to the cryptocurrency industry. The House of Representatives is set to vote on the Senate’s bipartisan infrastructure bill at the end of September, as the House Ways and Means Committee proposed raising tax revenue through updating constructive and wash sale regulations around digital currencies.

UPDATE (Sept. 13, 2021, 21:07 UTC): Corrects that Goldsmith Romero teaches crypto regulations at the University of Virginia, not Georgetown University.

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