According to a statement released by the White House on Thursday, U.S. President Joe Biden announced the nomination of Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation (FDIC) and the nomination of CFTC Commissioner Kristin Johnson to serve as Assistant Secretary of the Treasury's Financial Institutions Group. Both Democratic CFTC commissioners have urged the agency to issue rules or guidelines to protect consumers and address conflicts of interest in the cryptocurrency space. Romero has warned of a "contagion risk" in the cryptocurrency market and compared the industry to the 2008 financial crisis. Romero also sponsors the CFTC's Technology Advisory Committee, which voted earlier this year to submit a report to the committee calling for government and industry efforts to understand decentralized finance. Kristin Johnson said last year that the CFTC should "immediately develop regulations regarding custody of assets". The Biden administration is pushing for the first nomination hearings to begin the week of July 8.