* Sanders, Cantwell lift holds on Gensler CFTC nomination

* Sanders reassured by Gensler in meeting

* Cantwell still has reservations but looking ahead

* White House looks forward to confirmation (Adds quotes from Cantwell, White House)

By Kevin Drawbaugh

WASHINGTON, May 14 (Reuters) - Two U.S. senators dropped their objections on Thursday to Gary Gensler becoming chairman of the Commodity Futures Trading Commission, clearing the way for a Senate vote on his long-delayed nomination.

Democratic leaders were likely to move swiftly to confirm Gensler, who was nominated by President Barack Obama on Dec. 18 to head an agency that will play a key role in administration efforts to tighten financial regulation.

In the Senate, individual lawmakers may place holds on administration nominees. Gensler, who was U.S. undersecretary of the Treasury from 1999 to 2001 and assistant secretary of the Treasury from 1997 to 1999, had been blocked for months by senators Bernie Sanders and Maria Cantwell.

Both lawmakers dropped their holds within hours of each other on Thursday, the day after the administration unveiled a proposal to reform the over-the-counter derivatives market -- a task in which the CFTC will be deeply involved.