Investment bank TD Cowen said that President Biden's move to nominate two heads of the U.S. Commodity Futures Trading Commission (CFTC) could affect the agency's future treatment of cryptocurrencies. Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson to be assistant secretary of the Treasury's Financial Institutions Group. Both commissioners pushed for the agency to issue rules or guidelines to protect consumers and address conflicts of interest in cryptocurrencies. If Romero and Johnson take up their new positions, the CFTC will be left with Democratic Chairperson Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, with a Republican majority. In a report on Monday, TD Cowen said the Biden administration would quickly fill both vacancies in light of the change. However, replacements may not be confirmed until the autumn.