Several individuals are reportedly in the running to become the next chair of the Commodity Futures Trading Commission (CFTC). The White House is currently evaluating candidates as the confirmation of Brian Quintenz, President Trump's initial pick, has faced delays.
Potential Candidates:
- Jill Sommers: Sommers is a former CFTC Commissioner, having served two consecutive terms between 2007 and 2013. She has a decade of experience at Patomak Global Partners, a regulatory consulting firm founded by Paul Atkins, a former SEC Commissioner. She is known to have a close professional relationship with Atkins. Sommers is also regarded as having a pro-crypto stance.
- Kyle Hauptman: Hauptman is the current Chairman of the National Credit Union Administration (NCUA). Before his government role, he worked as a Senior Vice President at Jefferies, where he handled U.S. Treasury and futures trading. Similar to Sommers, Hauptman is also viewed as a crypto-friendly candidate.
- Brian Quintenz: Quintenz was President Trump's initial nominee for CFTC chair. He previously served as a CFTC Commissioner during Trump's first term. However, his confirmation has been stalled in the Senate, partly due to criticism from key crypto industry leaders.
- Michael Selig: Selig is chief counsel to the Securities and Exchange Commission's (SEC) Crypto Task Force. He was also a partner at Willkie Farr & Gallagher, where he worked in its crypto and digital assets practice. Following Trump's election, Selig stated that the next head of the SEC must take a “do no harm” approach to crypto and called for an end to “regulation by enforcement” by the SEC.
- Tyler Williams: Williams is currently a counselor to the U.S. Treasury Secretary, advising on digital assets and blockchain technology policy. Previously, Williams served as Galaxy Digital's global head of policy.
- Josh Sterling: Sterling is a partner at Milbank and a former CFTC official. He currently represents the prediction market Kalshi.
The selection of the next CFTC chair is significant, especially considering the growing interest and regulatory scrutiny surrounding the cryptocurrency sector. The CFTC is a major regulatory authority overseeing the cryptocurrency industry, and its chair is expected to have a significant impact on the market. The White House's consideration of candidates with favorable views on digital currencies could signal a potential shift in regulatory approach towards the industry. The new chair will likely play a crucial role in shaping the regulatory landscape for digital assets and crypto derivatives.
