Almost a year after US President Donald Trump’s second term, the Commodity Futures Trading Commission (CFTC) still has no permanent head.
Former CFTC Commissioner Brian Quintz was Trump’s biggest choice in the role. A confirmation vote was expected by the end of July, but it was stagnant at the request of the White House. The Wincrevos brothers reportedly did not want Quintenz as a chair. Because he doesn’t adequately protect the cryptocurrency industry.
So who will it be? In recent weeks, several different names have emerged as candidates, including former commissioners and policy experts. The White House has not confirmed the choice, but some names have been floated by insiders.
The crypto industry is particularly attracting attention, especially as the Market Infrastructure Bill gives CFTC important regulatory oversight through Congress.
Michael Selig
In a September 19 report citing White House insiders, Bloomberg reported that Michael Selig is considering leading the CFTC.
Current role: Selig is the lead lawyer for the Securities and Exchange Commission’s Cryptographic Task Force.
Past experience: Selig was a partner at law firm Wilkie Far & Gallagher, where she worked in crypto and digital assets practices. He was also an advisor to Perkins Koy and a fellow member of Reed Smith.
Cryptographic thoughts: Shortly after Trump’s election, Selig said the next head of the SEC must take a “no harm” approach to codes. He also called for an end to “enforcemental restrictions” by the SEC.
Tyler Williams
A White House source speaking to Bloomberg also leaned Tyler Williams as a candidate considering leading the CFTC.
Current role: Williams is currently a counselor for U.S. Treasury Secretary Scott Bescent, who advises on digital assets and blockchain technology policies.
Past experience: Williams served as global head of Galaxy Digital and later ran his own financial services consulting company in Washington, DC. He was also a senior advisor to FS Vector and a senior policy advisor to the campaign for Republican Virginia Governor Glenn Youngkin.
Cryptographic thoughts: Williams was one of the lead authors of the White House Crypto Report. In an interview with TRM Labs, Williams highlighted the need to give the crypto industry certainty and provide a “durable framework.”
Jill Somers
Crypto in America journalist Eleanor Terrett reported on September 25 that former CFTC commissioner Jill Sommers is considering leading the agency.
Current role: Somers is currently a financial services consultant in the Washington, DC region, according to LinkedIn.
Past experience: From 2007 to 2013, Somers served as the CFTC commissioner at the nomination of President Barack Obama. At the CFTC, she was chairman of the Global Market Advisory Committee and was a nominee on the Financial Literacy and Education Committee Committee.
After leaving CFTC, she became chairman of the Potomak Global Partners Derivative Practice Group and joined the FTX.US Board of Directors in 2022.
Cryptographic thoughts: Somers doesn’t say much about cryptography much. When she joined FTX.US, she emphasized working closely with regulators to improve regulations on code derivatives.
Kyle Hauptman
Terrett also thought that Kyle Hauptman was on the short list of CFTC chairs in the White House.
Current role: Hauptman is currently the chairman of the National Credit Union Agency (NCUA), which Trump nominated. The NCUA guarantees credit unions and offers deposit insurance.
Past experience: Prior to serving at the NCUA, Hauptman was an economic and monetary policy counselor for Senator Tom Cotton and staff director of the Senate Banking Committee’s Subcommittee on Economic Policy. He was also a member of the SEC’s advisory board.
Cryptographic thoughts: Hauptman has not made any particular public comments about Crypto. However, he has given up on suffocating regulations and prioritizing adopting new technologies at the NCUA, suggesting that he is at least open to new concepts such as cryptography and blockchain.
Josh Sterling
On September 24th, Semafor reported that lawyer Josh Stirling was considering running the CFTC, citing sources familiar with the matter.
Current role: Currently, Stirling is a partner at Milbank and is a member of its white collar and research and derivative/alternative financial instrument practices. He also represents calci in the forecast market.
Past experience: Sterling previously co-chaired the District of Columbia Bar Association’s Corporation, the Derivatives Subcommittee for the Finance and Law Community. He was also a member of the U.S. Chamber of Commerce’s Capital Market Strategic Litigation Advisory Committee.
Cryptographic thoughts: While at CFTC, Sterling issued a statement saying, “Supporting innovation in digital asset products.” He noted concerns about customer protection over digital assets, saying, “We feel that the CFTC itself has a major role in regulating digital assets, markets and ecosystems.”
Do you combine SEC and CFTC?
One of the unorthodox proposals was to combine CFTC and Sec. According to Crypto’s lawyer Aaron Brogan, several high-level sources are considering integrating the two institutions, essentially making current SEC chief Paul Atkins the CFTC head.
Brogan said the only question is how it works and whether it is legal. The Trump administration has appointed one person to lead multiple agencies, but these are not exactly the same as the CFTC.
“It is not clear whether they can be both confirmed members of the Securities and Exchange Commission and confirmed members of the CFTC, as they have this, so it is not clear whether they can become both confirmed members of the CFTC,” said Anjoseph O’Connell, a law professor and administrative law researcher at Stanford Law School. [SEC statute] It says that SEC committee members cannot engage in other employment. ”
There are also ethical issues. “As a policy issue, the Trump administration’s efforts to integrate the power of a small number of officials over multiple institutions is a concern,” said Nick Bedner, a professor at the University of Minnesota Law School.
After all, people only have a lot of time a day, and spread across multiple institutions, “it becomes difficult to ensure proper management within a particular institution. Centralising management involves considerable costs for management capabilities and good governance.”
Regardless of who the White House ultimately appoints, they will also have to pass a sometimes long nomination process in the Senate. Procrypt CFTC chairs could still be a long way off.
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