Nearly a year into President Donald Trump’s second term, the Commodity Futures Trading Commission (CFTC) remains without a permanent leader.
Brian Quintenz, a former CFTC Commissioner, was Trump’s preferred candidate for the position. A confirmation vote was anticipated by the end of July but was postponed at the request of the White House. Reportedly, the Winklevoss twins opposed Quintenz’s appointment because they believed he wouldn’t adequately safeguard the cryptocurrency sector.
So, who will take on the role? In recent weeks, multiple names have emerged as potential candidates, including former commissioners and policy specialists. The White House has yet to confirm its selection, but insiders are speculating on various names.
The cryptocurrency sector is paying close attention, especially as the market infrastructure bill progressing through Congress would grant the CFTC substantial regulatory authority.
Michael Selig
A report on Sept. 19 citing White House insiders indicated that Michael Selig is being considered for the CFTC leadership.
Current role: Selig serves as the chief counsel for the SEC’s Crypto Task Force.
Past experience: He was a partner at the law firm Willkie Farr & Gallagher, focusing on crypto and digital assets. He also held positions at Perkins Coie and Reed Smith.
Thoughts on crypto: Following Trump’s election, Selig advocated for a “do no harm” approach to cryptocurrency and criticized “regulation by enforcement” from the SEC.
Tyler Williams
Bloomberg sources have also mentioned Tyler Williams as a possible candidate for CFTC chair.
Current role: Currently, Williams is a counselor to Treasury Secretary Scott Bessent, advising on digital assets and blockchain policy.
Past experience: He was previously the global head of policy at Galaxy Digital and ran his own financial consulting firm in Washington, D.C. Williams also advised Virginia Governor Glenn Youngkin’s campaign.
Thoughts on crypto: As a leading author of the White House’s crypto report, Williams has emphasized the importance of providing certainty and a “durable framework” for the industry.
Jill Sommers
On Sept. 25, journalist Eleanor Terrett reported that former CFTC commissioner Jill Sommers is being considered to lead the agency.
Current role: Sommers is currently a financial services consultant in the D.C. area, according to LinkedIn.
Past experience: Sommers served as a CFTC commissioner from 2007 to 2013, nominated by President Obama. She chaired the Global Markets Advisory Committee and represented the commission on the Financial Literacy and Education Commission.
After her tenure at the CFTC, she led the derivatives practice group at Potomak Global Partners and joined the FTX.US board in 2022.
Thoughts on crypto: Sommers has been relatively quiet on crypto matters but emphasized collaboration with regulators for effective crypto derivatives regulations when she joined FTX.US.
Kyle Hauptman
Hauptman has also been identified as a potential candidate for CFTC chair.
Current role: Hauptman is the chairman of the National Credit Union Administration (NCUA), nominated by Trump, which insures credit unions and provides deposit insurance.
Past experience: Before his NCUA role, Hauptman was an economic and financial policy counselor to Senator Tom Cotton and served as staff director for the Senate Banking Committee’s Subcommittee on Economic Policy. He was also on an advisory committee at the SEC.
Thoughts on crypto: Hauptman has not made specific comments on crypto but emphasizes avoiding burdensome regulations and embracing new technologies at the NCUA, indicating openness to concepts like crypto and blockchain.
Josh Stirling
On Sept. 24, Semafor reported that attorney Josh Stirling is being considered for the CFTC leadership, according to sources.
Current role: Stirling is a partner at Milbank, specializing in white-collar investigations and derivatives/alternative financial products, and represents the prediction market Kalshi.
Past experience: Previously, Stirling co-chaired the derivatives subcommittee at the Bar Association of the District of Columbia and participated in the capital markets strategic litigation advisory committee at the US Chamber of Commerce.
Thoughts on crypto: During his time at the CFTC, Stirling addressed “Supporting Innovation in Digital Asset Products.” He expressed concerns regarding customer protection in digital assets and noted the CFTC’s significant role in regulating the digital assets ecosystem.
Combining the SEC and CFTC?
An unconventional suggestion has been to merge the CFTC and SEC. According to crypto attorney Aaron Brogan, some high-level sources are considering a consolidation that would position Paul Atkins, the current SEC head, as the leader of the CFTC.
Brogan pointed out challenges regarding the feasibility and legality of such a move. While the Trump administration has appointed individuals to head multiple agencies, the roles of SEC and CFTC are distinct.
Anne Joseph O’Connell, an administrative law expert at Stanford Law School, indicated uncertainty about whether one person could hold confirmed positions at both entities due to a specific SEC statute restricting dual employment.
There may also be ethical considerations. Professor Nick Bednar from the University of Minnesota Law School remarked on the potential pitfalls of centralizing power over multiple agencies in a few individuals, suggesting it raises significant governance concerns.
Ultimately, whoever the White House decides to nominate must still undergo a potentially lengthy Senate confirmation process. A pro-crypto CFTC chair may still be some time away.
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