in

Trump Eyes Crypto Advocates for Key CFTC Role

Cftc Pro Crypto Chair News

President-elect Donald Trump is reportedly looking to appoint key figures who support cryptocurrencies to head the Commodity Futures Trading Commission (CFTC). This agency is set to be crucial for the digital assets sector. Such appointments reflect Trump’s campaign goals of making the U.S. the “crypto capital of the world” and a “Bitcoin superpower.”

Through his campaign, Trump criticized the Biden administration for negatively impacting the Bitcoin and crypto industries, particularly through the Securities and Exchange Commission (SEC). His administration is likely to embrace a more favorable approach towards cryptocurrencies, with the CFTC expected to take on a larger role in regulation and oversight.

Potential Leaders for the CFTC

Among those in contention for the chairperson role at the CFTC is Perianne Boring, the founder and CEO of the Chamber of Digital Commerce, which is the largest trade association for blockchain. A source indicated to Fox Business that her qualifications would strengthen her chances for the position.

Related:  Top 10 Free Crypto Signup Bonuses to Grab This November 2024

Boring started her career as a legislative analyst in the U.S. House of Representatives, focusing on issues related to finance, economics, and healthcare. Her familiarity with Congress is considered beneficial for legislative efforts aligning with the CFTC’s regulatory tasks. Additionally, her previous role as a television anchor discussing global financial matters indicates her skill in making complex financial topics accessible to the general public.

She has been a vocal advocate for the Bitcoin mining sector, opposing what she describes as excessive regulation. Recently, she criticized the Department of Energy for its data collection targeting Bitcoin miners, claiming it was an unjustified measure. Furthermore, she accused the SEC of trying to impose regulations through indirect methods, referring to their attempts to label certain cryptocurrencies as securities.

Another strong candidate is Caroline Pham, a sitting CFTC commissioner and head of the Global Markets Advisory Committee. With over twenty years of experience in advising regulatory bodies and industry leaders, Pham is well-versed in financial regulation.

Related:  Coinbase Bond Bounces Back On Bitcoin Rally, While SEC Delays Key ETF Feature

This year, Pham put forward a “time-limited” pilot initiative to regulate digital assets and tokenization, aimed at creating a framework that supports innovation while mitigating risks. She has advocated for improving international regulatory collaboration and proposed that the SEC and CFTC participate in joint discussions to clarify regulations.

As a current commissioner, Pham could serve as acting chair until confirmed by the Senate. Her bipartisan support was evident in her unanimous Senate confirmation in 2022.

Also under consideration for the chair role is Summer Mersinger, another current CFTC commissioner who was nominated by Biden and approved by a Senate voice vote. Mersinger previously worked for Senator John Thune (R-S.D.), who will likely become the new Senate Majority Leader.

Mersinger has actively supported crypto companies up against enforcement actions and advocated for the CFTC to set clear regulatory standards for the sector. She noted that creating clear rules is vital for encouraging innovation while maintaining market integrity. Like Pham, Mersinger could act as chair, aiding in a seamless leadership transition.

Related:  Crypto Markets Rebound: $321M Inflows Led by Bitcoin and Solana

Another possible candidate is former CFTC Commissioner Jill Sommers, who served from 2007 to 2013. She has held notable positions including Managing Director for Regulatory Affairs at the Chicago Mercantile Exchange and is now the Chief of the Derivatives Practice Group at Patomak Global Partners.

Neal Kumar, who was once Special Counsel in the CFTC’s General Counsel’s Office, is also being considered. He played a role in advising on Dodd-Frank Act regulations and enforcement. Presently, he is Co-Head of the Commodities and Derivatives Practice at Willkie Farr & Gallagher LLP, tackling regulatory and enforcement matters related to digital assets.

As of now, Bitcoin is valued at $96,143.

Report

What do you think?

113 Points
Upvote Downvote