Modernize CFTC commodity/digital-asset definitions; SEF clarity; Chair removal & commissioner budgets
Congress should modernize the commodity definition and digital-asset treatment, clarify when foreign swap platforms must register as SEFs, let the CFTC Chairman remove the Executive Director without a Commission vote, and fund Commissioners’ offices by statute independent of the Chair.
Mandate
Mandate Ch. 27 (Financial Regulatory Agencies) — CFTC Administration: Congress should modernize the definition of commodity and clarify treatment of digital assets; clarify via CEA amendment when a foreign swap trading platform must register as a SEF; amend CEA §2 to authorize the CFTC Chairman to remove the Executive Director without a Commission vote; establish funding amounts for Commissioners’ offices by statute with inflation adjustments and no Chair/staff budget approvals.
Undo plan
1) Codify digital-asset classification with dual SEC–CFTC notice-and-comment, not Chair-unilateral enforcement.
2) Keep collegial Commission control over senior staff removals to protect minority Commissioners.
3) Support clearer SEF cross-border rules without forcing U.S. persons off foreign platforms arbitrarily.
4) Statutory commissioner budgets OK if paired with transparency and ethics rules.
5) Verify: SEF registration guidance; ED removal votes; office budget independence.