House leaders are calling on the White House to nominate a full slate of commissioners for the Commodity Futures Trading Commission as the CLARITY Act moves through Congress. The bill, which would hand the CFTC expanded authority over digital asset markets, is expected to hit the floor for a vote within weeks. Lawmakers argue the agency can't handle the new responsibilities if key posts remain vacant.
The CLARITY Act's next steps
The legislation cleared the House Agriculture Committee earlier this month and is now headed for a full chamber vote. If passed, it would give the CFTC primary jurisdiction over crypto spot markets, a shift that industry lobbyists have pushed for years. But the agency currently has two empty commissioner seats, and its chair has been serving in an acting capacity since January.
Why CFTC leadership matters now
House Financial Services Committee Chair Patrick McHenry (R-NC) said this week that the CFTC needs “a full, confirmed leadership team” before the CLARITY Act becomes law. Without permanent commissioners, the agency risks gridlock on rulemaking and enforcement priorities. The message was echoed by several members of the House Agriculture Committee during a markup session on Tuesday.
The timing isn't great. The CFTC has been running on an interim chair for nearly five months, and two of its three current commissioners are holdovers from the previous administration. That makes it harder to move fast on the kind of market structure reforms the CLARITY Act would require.
What's at stake for crypto markets
Industry groups have been waiting for clarity on which regulator oversees digital assets. The SEC and CFTC have jockeyed for years, leaving exchanges and token issuers in a legal gray area. The CLARITY Act aims to end that turf war by giving the CFTC the lead role. But without a confirmed chair and a full commission, the agency may struggle to write the rules and hire the staff needed to implement the law.
Senate Agriculture Committee Chair Debbie Stabenow (D-MI) has signaled she'll take up the bill after the House vote, though she wants assurances the CFTC will be properly funded. The White House has not yet announced any nominees for the vacant seats.
