House Agriculture Leaders Urge Trump to Nominate Full CFTC Commission as CLARITY Act Moves Forward

TLDR:

• CFTC Chairman Michael Selig has been the agency’s only commissioner since December, with four seats still vacant.
• House Agriculture leaders argue a full five-member CFTC commission produces more durable and legally sound rules.
• The Senate Banking Committee advanced the CLARITY Act 15-9, expanding CFTC authority over spot digital commodity trading.
• Sen. Klobuchar proposed blocking new CFTC rules from taking effect until at least four commissioners are confirmed and seated.

House Agriculture Committee leaders are pressing President Trump to nominate four CFTC commissioners as crypto legislation advances on Capitol Hill.

Chairman Glenn Thompson and Ranking Member Angie Craig sent a joint letter Friday calling for a full five-member commission.

Their request comes amid a growing regulatory workload and the Senate Banking Committee’s recent advancement of the CLARITY Act with a 15-9 bipartisan vote.

House Leaders Push for Full CFTC Commission Amid Expanding Crypto Mandate

The joint letter from Thompson and Craig pointed directly to CFTC Chairman Michael Selig’s April 16 testimony. Selig outlined an aggressive rulemaking agenda before the committee, covering derivatives markets and digital assets.

However, he has served as the agency’s sole commissioner since December, with four seats remaining empty after a wave of departures.

Thompson and Craig stated in their letter that the public, markets, and the agency itself will be “best served by a full five-member commission,” adding it would deliver “better regulations, more durable rules, and more sensitivity to the divergent views of key derivatives market stakeholders.”

The pair also tied the nomination request to Trump’s budget proposal, which seeks increased CFTC funding. Currently, the agency operates with roughly 543 full-time staff, compared to approximately 4,200 at the SEC.

The letter further noted that filling all seats would complement the administration’s funding request. A bipartisan commission would pair financial resources with balanced leadership.

That combination, the lawmakers argued, would position the CFTC more effectively as the leading derivatives markets regulator globally.

Legal durability also factored into the committee’s argument. Rules established by a sole commissioner may face greater vulnerability in court.

With a string of state-level prediction market suits pending and new rulemakings on the horizon, the letter noted that a full five-member commission can write “more durable rules.” That stronger legal footing would matter as the agency defends its decisions going forward.

CLARITY Act Advances as CFTC Seat Debate Grows

The Senate Banking Committee voted 15-9 on Thursday to advance the CLARITY Act, the crypto market structure bill.

Two Democrats crossed the aisle to support the legislation alongside Republicans. The House had already passed its version of the bill last July with a strong 294-vote majority.

The CLARITY Act would grant the CFTC sweeping new authority over spot digital commodity trading. That expanded mandate would trigger a significant rulemaking process, adding further weight to the call for a fully staffed commission.

Thompson and Craig acknowledged in their letter that the legislation “would require a significant rulemaking process,” reinforcing why more commissioners are needed now.

Bloomberg reported in January that the White House was reviewing a bipartisan slate of potential nominees. Names under consideration included Optiver lobbyist Matt MacKenzie, Jump Trading’s Ari Officer, and Senate Agriculture Committee counsel Nathan Anonick. Trump has not formally nominated anyone beyond Selig.

Meanwhile, Sen. Amy Klobuchar has proposed an amendment to the Senate Agriculture Committee’s version of the bill. Her proposal would block new CFTC rules from taking effect until at least four commissioners are seated.

That move reflects broader Democratic interest in ensuring the agency has adequate leadership before major rulemaking begins.

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