President Donald Trump nominated four candidates for the Securities and Exchange Commission and the Commodity Futures Trading Commission on Thursday, marking his first selections for either agency in approximately one year and his first Democratic nominees to these posts.
For the SEC, Trump nominated Republican Steven Levine and Democrat Kristin Johnson, a former CFTC commissioner. For the CFTC, he nominated Republican Nathan Anonick and Democrat Matthew Rowland, according to Bloomberg Law.
All four nominees require Senate confirmation. The Senate Banking Committee will review the SEC candidates, while the Senate Agriculture Committee will consider the CFTC nominees before any full chamber vote.
Background on the Nominees
Levine would fill the SEC seat vacated by Hester Peirce, whose term expired. His term would run through June 5, 2030. Most recently, he served as general counsel and senior adviser at the White House Council of Economic Advisers and previously worked at the SEC as counsel and deputy chief of staff to Commissioner Mark Uyeda.
Johnson would assume the seat previously held by Caroline Crenshaw, with a term ending June 5, 2029. She served as a CFTC commissioner until 2025 and was a law school professor. During her CFTC tenure, she regularly addressed digital assets topics including custody and decentralized finance.
Anonick, nominated for the seat formerly held by former CFTC Chairman Rostin Behnam, serves as legislative counsel to Senate Agriculture Committee Chairman John Boozman. He was a lead negotiator on the committee's work on the Digital Asset Market Clarity Act. His term would end June 19, 2031.
Rowland, a CFTC attorney detailed to the committee, also worked on the Clarity Act and the committee's 2024 crypto bill. He previously worked on Johnson's staff at the CFTC and would fill the remainder of former Commissioner Summer Mersinger's term, expiring April 13, 2028.
Agency Staffing Context
Both agencies can seat up to five commissioners, with no more than three from one party. The SEC currently has two commissioners: Chairman Paul Atkins and Commissioner Mark Uyeda. The CFTC has one sitting commissioner, Chairman Mike Selig.
Legislative and Political Backdrop
The nominations come as the Senate enters its lame-duck session, weeks after the November midterms. The pairing of Democratic and Republican nominees may affect confirmation prospects. According to TD Cowen's Jaret Seiberg, Democrats were not expected to confirm Trump nominees unless Democratic seats at agencies such as the SEC were filled, a step previously considered unlikely. The current slate fills Democratic seats at both regulators.
The nominations also occur as crypto market structure legislation remains stalled. The Digital Asset Market Clarity Act failed a Senate cloture vote 49-50 on September 15 and expires January 3 unless revived during the lame-duck session.
Without new legislation, the SEC and CFTC have largely set crypto policy independently this year. The CFTC has opened the door to equity perpetual futures. A federal judge later stated the agency likely overstepped in this area, though trading has continued.
The timing raises questions about whether the incoming Democratic-controlled Senate will advance the four nominees before January or leave both agencies operating with minimal staffing into 2027.
