CFTC Chair Candidates Interviewed as Trump Eyes Crypto-Friendly Policies

As President-elect Donald Trump prepares to take office on January 20, the cryptocurrency industry is closely monitoring his decision on appointing the next Commodity Futures Trading Commission (CFTC) chair.

With outgoing CFTC Chair Rostin Behnam set to step down on inauguration day, the new appointee is expected to play a crucial role in shaping the regulatory framework for the growing digital asset market in the United States.

CFTC Chair Candidates Interviewed by Trump Admin

According to Fox Business, a number of candidates have been reportedly met with by Trump’s transition team for the CFTC chair position with at least six individuals in the running for the post. Current frontrunners for the CFTC position include Summer Mersinger, the CFTC Commissioner, and Brian Quintenz, the current head of crypto policy at Andreessen Horowitz (a16z). The two candidates are familiar with cryptocurrencies and have some experience in the regulation of the industry.

Quintenz has experience in the development of crypto regulations as he served at the CFTC and worked with the former chair Chris Giancarlo to issue clearance for Bitcoin and Ethereum futures contracts. The fact that he is connected to Andreessen Horowitz is beneficial because its founder Marc Andreessen is one of Trump’s leading advisors on crypto and AI.

Mersinger, who is a sitting commissioner at the CFTC, is also an influential policy maker in Washington D.C. She has been a champion for innovation while standing for the rights of consumers within the cryptocurrency industry. She has been applauded by the industry participants for her dissents on enforcement actions against decentralized finance (DeFi) platforms.

A Shift in Crypto Regulation Under Trump’s Administration

The CFTC chair pick is particularly significant due to Donald Trump’s aspiration to make the US the leading country in cryptocurrency innovation. The current outgoing Biden administration, with the SEC Chairman, Gary Gensler, has adopted a more enforcement-oriented approach to crypto regulation. This approach upset the crypto industry that said that such an approach creates ambiguities and drives businesses away to other countries.

On the other hand, President elect Donald Trump has indicated that he will pursue a less hostile approach to regulation. While on the campaign trail, he was endorsed by many crypto executives and vowed to reverse what he and others saw as excessive regulation.

There are already appointments to key roles of crypto-supporters including Paul Atkins to be the head of the SEC and Scott Bessent as the head of Treasury. Therefore, the appointment of a CFTC Chair that is favorable to crypto would only strengthen this agenda.

Mersinger and Quintenz have also been vocal about their disapproval of the current ‘regulation by enforcement’ regime. They have urged the CFTC to assume the mantle of leading regulator of digital assets, claiming that the agency is in a better position to promote innovation than the SEC.

Outgoing CFTC Chair Behnam’s Final Push for Crypto Legislation

Outgoing chairman of the CFTC, Rostin Behnam has emphasized the importance of the comprehensive regulation of cryptocurrencies before his exit. Speaking at the Brookings Institution on Wednesday for the last time, Behnam pointed out that the absence of a specific set of rules has left certain issues that require the attention of Congress.

Behnam said, “My position remains the same, and I will support the CFTC to address this gap if Congress wishes it to do so even after I am no longer part of the Commission.” He also said that new laws could take from six to ten months, with agency rulemaking taking one more year.

While serving at the CFTC, the commission brought enforcement actions against several crypto companies, including the defunct exchange FTX and Gemini Trust. Nevertheless, Behnam pointed out that the current legal framework is inadequate to deal with the issues emerging from digital assets and called on the legislators to focus on the development of dedicated crypto laws.