Author: Aaron Wood Source: cointelegraph Translation: Shan Ouba, Golden Finance U.S. President Donald Trump is nearly a year into his second term, but the CFTC still lacks a permanent head. Former CFTC Commissioner Brian Quintenz was Trump's top choice for the position. A confirmation vote was originally expected at the end of July but was postponed at the request of the White House. The Winklevoss brothers reportedly do not want Quintenz as chair because he would not adequately protect the cryptocurrency industry. So, who will ultimately be the next chairman? Several different names have surfaced in recent weeks, including former commissioners and policy experts. The White House has not yet confirmed its choice, but some industry insiders have revealed possible candidates.
The crypto industry is closely watching the appointment - especially because the Market Infrastructure Act currently underway in Congress would give the CFTC significant regulatory oversight powers.
1. Michael Selig
Bloomberg reported on September 19, citing White House insiders, that Michael Selig is being considered for the position of Chairman of the U.S. Commodity Futures Trading Commission (CFTC).
Current position: Selig is the chief legal counsel of the SEC's Crypto Working Group.
Past experience: Selig was a partner at the law firm Willkie Farr & Gallagher, where he led its cryptocurrency and digital asset practice. He also served as legal counsel at Perkins Coie and as an attorney at Reed Smith.
Thoughts on cryptocurrency: Immediately after Trump's election, Selig stated that the next SEC chairman must take a "do no harm" stance on cryptocurrencies. He also called on the SEC to end its "enforcement regulation" approach.
2. Tyler Williams
White House sources told Bloomberg that Tyler Williams is also one of the candidates for chairman of the U.S. Commodity Futures Trading Commission (CFTC).
Current position: Williams currently serves as an advisor to U.S. Treasury Secretary Scott Besant, providing advice on digital assets and blockchain technology policies. Past experience: Williams was previously the global head of policy at Galaxy Digital and previously ran his own financial services consulting firm in Washington, D.C. He also served as a senior advisor to FS Vector and as a senior policy advisor to the campaign of Republican Virginia Governor Glenn Youngkin. Thoughts on cryptocurrency: Williams was one of the lead authors of the White House report on cryptocurrency. In an interview with TRM Labs, Williams emphasized the need to bring certainty to the cryptocurrency industry and provide a "lasting framework." 3. Jill Sommers American cryptocurrency journalist Eleanor Terrett reported on September 25 that former CFTC Commissioner Jill Sommers is being considered to lead the agency. Current Position: According to her LinkedIn profile, Sommers is a financial services consultant in Washington, D.C.
Previous Experience: Summers served as a Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) from 2007 to 2013, nominated by President Barack Obama. While at the CFTC, she chaired the Global Markets Advisory Committee and was appointed to the Financial Literacy and Education Committee. 4. Kyle Hauptman Treat also revealed that Kyle Hauptman has been included in the White House's short list of candidates for chairman of the Commodity Futures Trading Commission (CFTC). Hauptman currently serves as Trump's nominee for chairman of the National Credit Union Administration (NCUA). The NCUA is responsible for insuring credit unions and providing deposit insurance. Prior to joining the NCUA, Hauptman served as economic and financial policy advisor to Senator Tom Cotton and as chief of staff to the Senate Banking Committee's Economic Policy Subcommittee. He also served on the SEC's advisory board. Thoughts on Cryptocurrencies: Hauptman has not publicly commented specifically on cryptocurrencies. However, his commitment to avoiding stifling regulation and his active adoption of new technologies at the NCUA suggest he is at least open to new concepts like cryptocurrencies and blockchain. After leaving the CFTC, she became chair of the derivatives business group at Potomak Global Partners and joined the FTX.US board of directors in 2022. Thoughts on Cryptocurrencies: Sommers has previously rarely spoken publicly about cryptocurrencies. When joining FTX.US, she emphasized the need to work closely with regulators to better develop regulations for cryptocurrency derivatives. 5. Josh Stirling On September 24, Semafor reported, citing sources familiar with the matter, that attorney Josh Stirling was considering the position of CFTC head. Current Position: Stirling is currently a partner at Milbank LLP and is involved in its White Collar Crime and Investigations and Derivatives/Alternative Financial Products practices. He also represents the prediction market Kalshi. Past Experience: Sterling served as co-chair of the District of Columbia Bar Association's Subcommittee on Derivatives in Corporate, Financial, and Legal Communities. He also served on the U.S. Chamber of Commerce's Capital Markets Strategic Litigation Advisory Committee. Thoughts on Cryptocurrency: While at the Commodity Futures Trading Commission (CFTC), Sterling made statements about supporting innovation in digital asset products. He noted client concerns about digital asset protection and stated, "The CFTC itself believes it has a valuable and constructive role, perhaps even a primary one, in regulating digital assets, markets, and ecosystems." Proposal to Merge the SEC and CFTC? One unorthodox proposal is to merge the CFTC and SEC. According to crypto lawyer Aaron Brogan, some high-ranking officials are considering merging the two agencies, essentially making current SEC Chairman Paul Atkins also head the CFTC. Brogan said the only question is how this would work and whether it would be legal. The Trump administration has previously appointed one person to lead multiple agencies, although those agencies were not exactly the same as the CFTC. Anne Joseph O’Connell, a law professor and administrative law researcher at Stanford Law School, said: “It is unclear whether he can serve as both a confirmed SEC commissioner and a confirmed CFTC commissioner, as SEC regulations prohibit any SEC commissioner from holding other positions.” There are also ethical issues. Nick Bednar, a professor at the University of Minnesota Law School, said: “As a matter of policy, the Trump administration’s attempt to concentrate control of multiple agencies in the hands of a few officials is worrying.” After all, an individual has only so many hours in a day, and spreading power across multiple agencies “makes it more difficult to ensure proper management within a given agency. The concentration of power comes at a significant cost to executive capacity and good governance.” Whoever the White House ultimately nominates will need to go through the sometimes lengthy Senate nomination process. A pro-crypto CFTC chair may still face a long wait.
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