President-elect Donald Trump is reportedly considering appointing prominent figures with pro-crypto stances to lead the Commodity Futures Trading Commission (CFTC), an agency poised to play a pivotal role in the digital asset industry. This move is consistent with Trump’s campaign promises to transform the United States into the “cryptocurrency capital of the planet” and a “Bitcoin superpower.”
During the presidential campaign, Trump criticized the Biden administration for “obstructing” the bitcoin and cryptocurrency sector, particularly through actions taken by the Securities and Exchange Commission (SEC). His administration is expected to adopt a pro-crypto stance, with the Commodity Futures Trading Commission (CFTC) likely to play a more prominent role in oversight and regulation.
Who will lead the pro-crypto CFTC?
Berean Boring, founder and CEO of the Chamber of Digital Commerce, the world’s largest blockchain trade association, is supposedly among the front-runners for the job of CFTC chair. A source familiar with the selection process said Fox Business Her experience “will help strengthen her candidacy for this role.”
Boring began her career as a legislative analyst in the U.S. House of Representatives, focusing on finance, economics, taxation, and health care policy. Her knowledge of Congress is viewed as an important asset in crafting legislation to guide the CFTC’s regulatory mission. In addition, her previous experience as a television presenter discussing international financial topics demonstrates her ability to effectively communicate complex financial issues to the public.
Recently, Boring has been a vocal advocate for the Bitcoin mining industry against what she calls “regulatory overreach.” In a recent op-ed, she criticized the Department of Energy’s data collection efforts, accusing the agency of “targeting Bitcoin miners under the guise of ’emergency’ measures.” It also accused the SEC of engaging in “backdoor rulemaking” by attempting to classify various cryptocurrencies as securities.
Among the most prominent contenders is Carolyn Pham, the current GOP-appointed commissioner of the Commodity Futures Trading Commission (CFTC) and chair of the commission’s Global Markets Advisory Committee. Pham has more than two decades of experience advising regulators, industry leaders and policymakers on financial regulation issues.
In 2023, Pham proposed a “time-bound” pilot program for regulating digital asset and tokenization markets, with the aim of creating a principles-based framework that fosters innovation while managing risk. She stressed the need for international regulatory cooperation and suggested that the SEC and CFTC participate in joint roundtables to enhance regulatory clarity.
As commissioner, Pham could serve as acting president pending Senate confirmation. Her unanimous confirmation by the Senate in 2022 underscores her bipartisan appeal.
Summer Mersinger, also a current CFTC commissioner, is also being considered for the chair position. Nominated by President Biden and confirmed by a voice vote in the Senate, Mersinger previously worked for Senator John Thune (R.D.), who is set to become Senate Majority Leader in the new Congress.
Mersinger has actively advocated for cryptocurrency companies facing enforcement action and called on the CFTC to establish clear regulatory guidelines for the industry. She stated that “setting the rules of the road” is essential to foster innovation while ensuring market integrity. Like Pham, Mersinger can assume the role of acting chief, facilitating a smooth transition in leadership.
Former CFTC Commissioner Jill Sommers is another potential candidate. Somers served from 2007 to 2013, holding important positions, including Managing Director of Regulatory Affairs at the Chicago Mercantile Exchange and Head of Government Affairs for the International Swaps and Derivatives Association. She currently serves as Head of the Derivatives Practice Group at Patomak Global Partners.
Neil Kumar, former special counsel in the CFTC’s Office of General Counsel, is also a presidential candidate. At the Commodity Futures Trading Commission (CFTC), he advised on new rules under the Dodd-Frank Act and handled implementation matters. He currently serves as Co-Head of the Commodities & Derivatives practice at Willkie Farr & Gallagher LLP, where he works on regulatory, enforcement, legislative and transactional issues, including those related to digital assets.
At press time, Bitcoin was trading at $96,143.
Featured image from ESG News, chart from TradingView.com
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