In a surprising shift, U.S. President Donald Trump said he’s willing to consider appointing Democratic commissioners to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The move could break a deadlock in the Senate, where the long-delayed crypto market structure bill remains stalled.
Speaking from the Oval Office on December 15, Trump told reporters: “There are certain areas where we do share power, and in those, I’m open to it.”
Why it matters for crypto
The proposed crypto market structure bill aims to legalize large parts of the current crypto industry and empower the SEC and CFTC with clear regulatory mandates. Senate Democrats have stated they won’t support the bill unless there is a guarantee of bipartisan participation in rulemaking.
Trump’s statement may signal a willingness to compromise – a move analysts believe could revive negotiations. However, the president has previously expressed intentions to challenge a long-standing legal norm that prevents presidents from firing federal commissioners at will.
Last week, the Supreme Court hinted it may overturn this precedent, potentially giving Trump the power to appoint – and then remove – Democratic regulators at his discretion.
Balancing the regulatory power
By law, commissions like the SEC and CFTC must have at least two commissioners from the minority party. Yet currently, the CFTC has no Democratic members, and the SEC is expected to face a similar situation next year.
Trump noted that Democrats would likely not nominate Republicans if the roles were reversed: “Do you think they would choose Republicans? Usually, they don’t.”
Nevertheless, past presidents from both parties have historically appointed bipartisan regulators to meet legal requirements and maintain agency credibility.
Will this unlock the crypto bill?
Analysts say the bipartisan nature of federal agencies is central to the future of crypto legislation. Without cross-party support, the bill is unlikely to pass.
Whether Trump’s offer is a sincere gesture of cooperation or a tactical move to push pro-crypto legislation remains to be seen.
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