Trump nominates four SEC and CFTC picks as CLARITY Act stalls

What happened

President Donald Trump sent four nominees for the Securities and Exchange Commission and Commodity Futures Trading Commission to the Senate on Nov. 12, selecting one Republican and one Democrat for each agency. The SEC picks are Steven Levine and Kristin Johnson, a former CFTC commissioner from Michigan. The CFTC picks are Nathan Anonick and Matthew Rowland. CryptoPotato reported that Levine, from Maryland, previously worked on Trump's Council of Economic Advisers and served as deputy chief of staff to SEC Commissioner Mark Uyeda. Johnson would take the SEC seat formerly held by Caroline Crenshaw, while Levine would fill the seat vacated by Hester Peirce, according to the report.

Two of the CFTC selections bring direct experience from the CLARITY Act negotiations. Anonick, a Republican, is legislative counsel to Senate Agriculture Committee Chair John Boozman and served as a lead negotiator on the agriculture portion of the bill, CryptoPotato reported. Rowland, a Democrat, worked as a CFTC detailee under Senator Amy Klobuchar and former Senate Agriculture Committee Chair Debbie Stabenow, and also worked on the CLARITY Act. CFTC Chairman Mike Selig, currently the agency's only commissioner, called them strong bipartisan picks, according to the report.

The confirmation path is already moving for the SEC candidates. The Senate Banking Committee has scheduled a hearing for Johnson and Levine on Nov. 19 at 10 a.m. Eastern. Its Agriculture Committee counterpart has not announced a hearing date for Anonick and Rowland. Both panels must consider their respective nominees before the full Senate can vote. CryptoPotato, citing journalist Eleanor Terrett, reported that Senate Republican leaders want the nominees to clear committee by Nov. 20 so they can be included in a year-end confirmation package during the lame-duck session.

Why it matters

The nominations may be among the few crypto-related decisions Congress can complete before Democrats take control in January. Crypto.news reported that financial regulator appointments were emerging as a priority as lawmakers faced a year-end adjournment. The SEC and CFTC have both operated with vacancies. SEC Chairman Paul Atkins serves with Commissioner Mark Uyeda, while Selig is the CFTC's sole commissioner. Even without a comprehensive market structure law, Kristin Smith, interim CEO of the Blockchain Association, said the agencies were already developing rules that would govern digital assets, according to Crypto.news. She characterized the lame-duck period as short on time and long on tasks.

What the data shows

The September cloture vote was 49-50, with supporters 11 short of the 60-vote threshold. The House tally was 294-134, including support from 78 Democrats and opposition from 134. Seven Democratic senators later reaffirmed support for bipartisan digital asset legislation that included consumer protection and ethics requirements, according to Crypto.news. The Senate Banking Committee hearing for Johnson and Levine is set for Nov. 19 at 10 a.m. Eastern; no CFTC nominee hearing has been announced. Separately, the Senate voted 73-25 on Nov. 9 to begin considering the American Affordability and Jobs Act, a permitting measure that could affect large data centers and Bitcoin miners.

Background

The CLARITY Act, formally the Digital Asset Market Clarity Act, remains stalled after the Senate failed on Sept. 15 to end debate on taking up the bill. The motion drew 49 votes in favor and 50 against, short of the 60 needed. Senator Thom Tillis filed a motion to reconsider, which could provide a procedural route back to the floor but does not guarantee another vote. The House passed the bill 294-134 in July 2025. Crypto.news reported that 78 Democrats backed it and 134 opposed it. Senator Cynthia Lummis, in a Nov. 15 post, criticized Democrats for seeking a mandatory SEC registration process for token issuers and then voting against the measure that contained it. Cody Carbone, CEO of the Digital Chamber, said he saw little prospect of substantive progress before lawmakers adjourn, citing competing year-end priorities and a sense that members had moved on.

What to watch

The immediate question is whether all four nominees can be confirmed before the current Congress ends. The SEC hearing is scheduled, but the CFTC nominees still lack a committee date, and both committees must act before a full Senate vote. Crypto.news reported that industry groups see narrower possible agreements on crypto taxation, stablecoin yields and illicit-finance safeguards. Ryan Eagan, director of US federal affairs at the Crypto Council for Innovation, said a last-minute attachment to must-pass legislation remained possible, though no agreement had been announced. Incoming Democratic majorities may pursue market structure legislation with different priorities, including stronger SEC oversight. Discussions have included proposals associated with Representative Maxine Waters on custody safeguards, reserve reporting and conflicts involving public officials, according to Crypto.news. CryptoPotato also noted that Elizabeth Warren, a Bitcoin critic, is likely to chair the Senate Banking Committee. CryptoPotato reported that analyst Ash Crypto believes the CLARITY Act could be delayed by as much as two years, while Bitwise chief investment officer Matt Hougan argues the age of incoming lawmakers will matter more to crypto's long-term prospects than which party holds power.

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