White House vets CFTC commissioner candidates but hasn't nominated

The White House has vetted candidates for the four vacant commissioner positions at the Commodity Futures Trading Commission but has not nominated anyone to fill the seats, according to CNBC , which cited three people with knowledge of the matter.

As of now, the CFTC is down to a single commissioner — Chairman Michael Selig — with the other four seats sitting vacant. By law, three seats must go to members of the party in the White House and two to the opposing party.

The Trump administration sent a letter to Senate leadership in early July saying Democrats had not submitted recommendations for vacancies at the CFTC and the Securities and Exchange Commission. Senate Minority Leader Chuck Schumer sent names for the open Democratic slots at both agencies at the end of July. A spokesperson for Senator Schumer's office said that the White House had not responded to the submission. "If the administration has vetted candidates and is ready to place nominations, it should act quickly and work with Democrats," the spokesperson said.

The White House did not respond to CNBC's request for comment.

In May, House Agriculture Committee Chairman Rep. Glenn "GT" Thompson of Pennsylvania and his Democratic counterpart, ranking member Rep. Angie Craig of Minnesota, urged President Donald Trump to put forward nominees for the vacant commissioner seats. On Tuesday, Representative Thompson said the White House had not been in touch with him about potential nominees. "I've had no feedback," he said. "But I truly believe that good governance means that the qualified people are put forth to be Senate confirmed to serve in those positions." Representative Craig reiterated her call in a statement to the outlet: "The Trump administration needs to ensure CFTC has the staff and resources it needs to fulfill its mission, and that includes a full bipartisan panel of commissioners."

The vacant seats have become entangled with the fate of the Digital Asset Market Clarity Act, a cryptocurrency market structure bill that faces a key Senate procedural vote on Sept. 15 requiring 60 votes to advance. Democrats, whose votes are needed to reach that threshold, have criticized the White House for leaving open the seats reserved for them at the SEC and CFTC. One person familiar with the vetting process suggested to the outlet that committing to fill the open CFTC seats could give the White House leverage to win over Democratic votes for the bill.

A Republican involved in the Clarity Act effort warned the outlet that a failed procedural vote on Sept. 15 would likely doom prospects for any of the four open CFTC commissioner appointments going forward.

The Clarity Act's path has been complicated by disputes over ethics provisions related to Trump family crypto interests and enforcement authority, as the bill stalled in the Senate before lawmakers returned from summer recess. The Senate has only 14 working days after its return before an October election recess.