Representative Maxine Waters, a senior member of the US House Committee on Financial Services, has recommended Ms. Kristin Johnson, a current Commissioner of the US Commodity Futures Trading Commission (CFTC), for the role of Assistant Secretary for Financial Institutions at the US Department of Treasury.

In a letter dated May 2 addressed to President Joe Biden, Representative Waters praised Johnson's extensive experience in financial regulation and her commitment to ensuring the integrity of financial markets during her tenure at the CFTC.

Waters emphasized Johnson's efforts to maintain market integrity by advocating for stringent capital, collateral, and margin standards at the CFTC.

Furthermore, Waters commended Johnson's advocacy for investor protection and her initiatives to hold accountable those who violate consumer protection laws. Johnson's leadership in regulating Artificial Intelligence (AI) within the CFTC was also highlighted as evidence of her commitment to staying informed about emerging financial technologies.

Regarding Johnson's contributions, Waters noted that she provided valuable insights to the Committee on a wide array of topics, including access to credit, fair lending, digital assets, data privacy, cybersecurity, and financial stability, as well as appropriate regulation of banks and fintech companies.

Waters' nomination of Johnson has elicited mixed reactions from the crypto community. Some, like Consensys Lawyer Bill Hughes, see Johnson's potential appointment as a positive development for the crypto industry due to her proactive stance on blockchain matters. Johnson has advocated for a regulatory approach tailored to the needs of the crypto industry.

However, some members of the community are cautious, drawing parallels to the nomination of Gary Gensler as SEC chair in 2021. Despite initial optimism for a crypto-friendly regulatory environment under Gensler, the SEC under his leadership has pursued enforcement actions against major crypto firms and maintained a stance of non-compliance within the industry.