Trump Is 'Open' to Democrats at SEC, CFTC in Glint of Hope for Senate Crypto Bill
President Donald Trump indicated for the first time that he is open to appointing Democrats to vacancies at the SEC and CFTC, both of which are legally required to include minority-party commissioners. The CFTC currently has no Democrat commissioners, and the SEC may soon have none. Trump had previously shown no intention of filling these roles with Democrats but now signals willingness, impacting the chances of passing the crypto market structure bill in the Senate. This bill would grant the SEC and CFTC substantial authority over crypto regulation. Senate Democrats have expressed the bill stands little chance unless Democrats are guaranteed involvement in rulemaking. At the same time, Trump has moved to remove Democrats from other federal agencies and could soon have the legal ability to fire agency commissioners at will, depending on an upcoming Supreme Court decision. The crypto bill’s progress has slowed, with formal Senate Banking Committee consideration delayed until at least January 2026, potentially risking passage before Congress shifts focus to the 2026 midterms.
