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President-elect Donald Trump is in the process of nominating candidates for key roles in his administration, and his transition team is considering several candidates to lead an agency that could play a key role in cryptocurrency regulation and the digital asset industry.
During the presidential campaign, Trump promised to make the US the “crypto capital of the planet” and the “Bitcoin superpower.” His administration is expected to take a different regulatory approach to the emerging industry than the Biden administration, which has been criticized for cracking down on the crypto sector — particularly through actions taken by the Securities and Exchange Commission (SEC).
President-elect Trump In the near future, he is expected to announce his candidacy to chair the Commodity Futures Trading Commission (CFTC), an agency that could play a more prominent regulatory role in the incoming administration as the Trump team seeks to reform cryptocurrency regulations. The agency has five commissioners, with the president’s party traditionally appointing a new commissioner to gain a majority when the White House switches from one party to another.
Sources familiar with the selection process told FOX Business that one of the top contenders for the role is Periana Boring, founder and CEO of The Digital Chamber, the world’s largest trade association representing the blockchain industry.
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Periana Boring, CEO of the Chamber of Digital Commerce, is one of the leading contenders for the position of CFTC chairman. (Valerie Plesch/Bloomberg via Getty Images/Getty Images)
Boring’s work with emerging technologies such as crypto and blockchain will help boost her candidacy for the role, one source said. She also began her career working as a legislative analyst in the US House of Representatives on finance, economics, tax and health issues – so her familiarity with Congress could be an asset in developing legislation for leadership Regulatory Mission of the CFTC.
She also previously worked as a television host who hosted a show discussing international financial topics, and her ability to be articulate and telegenic in presenting financial topics to the public is an attribute valued by Trump’s transition team, one source said.
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The Commodity Futures Trading Commission (CFTC) is expected to play a key role in regulating crypto and digital assets under the Trump administration. (Photo: Ting Shen/Bloomberg via Getty Images / Getty Images)
Another top contender for the position is Summer Mersinger, who currently serves as a CFTC commissioner. Mersinger was nominated for the role by President Biden and was confirmed for the role by a Senate vote. She previously worked in the office of Sen. John Thune, RS.D., who is set to become Senate Majority Leader when new congress sits in January.
As a sitting commissioner, Mersinger would have the advantage of being able to begin the agency’s staffing process and take other steps to lay the groundwork for the Trump administration’s vision for the regulator by becoming acting CFTC chair before her. confirmation.
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Caroline Pham is another current CFTC commissioner who could be selected to lead the agency in the Trump administration with the advantage of being able to serve as chairman pending Senate confirmation.
Pham was unanimously confirmed by the Senate for the role in 2022 and has extensive experience working on financial regulation has served as an advisor to regulators, industry leaders, and policymakers on such topics for more than two decades.
CFTC Commissioner Caroline Pham is one of the leading contenders for the post of CFTC chair in the Trump administration. (Valerie Plesch/Bloomberg via Getty Images/Getty Images)
Both Mersinger and Pham are well-versed in cryptocurrency-related matters. Mersinger defended crypto firms facing enforcement action and urged the CFTC to develop traffic rules for the industry, while Pham urged the agency to have a program that supports the development of digital asset companies.
Jill Somers is another contender to head the CFTC after serving as commissioner from 2007 to 2013. She also served as Chief Regulatory Affairs Officer at the Chicago Mercantile Exchange, as well as Head of Government Affairs for the International Swaps and Derivatives Association.
However, one of the sources said it was unclear whether she would be interested in leaving her current position as head of the derivatives practice group at Patomak Global Partners.
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Neil Kumar is also believed to be in the running for the CFTC chairmanship, having previously served as a special adviser to the CFTC. general consultation. In this role, Kumar advised on the development of new regulations under the Dodd-Frank Act, as well as on enforcement issues.
Kumar is currently the co-director commodities and derivatives practice at Willkie Farr & Gallagher LLP, where he worked on a variety of regulatory, enforcement, legislative and transactional topics, including those related to digital assets.
Reuters contributed to this report.
