U.S. President-Elect Donald Trump’s transition team interviews at least half a dozen candidates to fill the chairmanship position of the CFTC.
FOX Business Senior Correspondent Charles Gasparino revealed the development yesterday, highlighting a significant potential shift for the crypto industry under Trump’s administration.
Gasparino expects the Commodities Futures and Trading Commission (CFTC) to play a major role in crypto regulation in the upcoming administration.
BREAKING: @FoxBusiness has learned that the Trump transition team has interviewed at least a half dozen candidates to fill the role of chairman of the @CFTC, which will likely be the lead regulator of $3.5 trillion crypto industry thus fulfilling a promise top end the @SECGov's…
— Charles Gasparino (@CGasparino) January 8, 2025
Why CFTC Might Become Crypto Top Cop
It is worth mentioning that the SEC is currently the leading regulator for the crypto industry under the Biden administration. However, the SEC, especially its chair Gary Gensler, has been accused of favoring regulation by enforcement over regulatory clarity.
According to Gasparino, the CFTC is more of a regulator than an enforcement arm. Its approach aligns with Trump’s broader goal of reducing the regulatory burden the Gensler-led SEC has imposed on the industry.
Candidates for CFTC Chair Position
Per Gasparino, Trump’s transition team has already vetted at least half a dozen candidates to replace Rostin Behnam, the current CFTC Chair. However, he provided the names of five candidates.
They include Brian Quintez, Head of Crypto Policy at Andreessen Horowitz; CFTC Commissioner Caroline Pham; former Kraken CLO Marco Santori; Milbank LLP Partner Josh Sterling; and Neal Kumar, partner at Willkie Farr & Gallagher.
Of the candidates vetted by Trump’s transition team, Gasparino highlighted Quintez as a strong contender due to his expertise in crypto and AI.
“I’ll put my money on Mr. Quintez,” the FOX Business Senior Correspondent remarked.
Trump to Prioritize Crypto Regulation
As indicated during the campaign, the Trump administration aims to prioritize crypto regulation. So far, he has appointed several pro-crypto advocates to top positions, including the SEC and Treasury Secretary.
Trump also made history last year by appointing a White House AI & Crypto Czar in the person of David O. Sacks. The CFTC is expected to become the top regulator for the crypto industry under Trump, potentially creating a regulatory-friendly environment for the sector.
Last year, the U.S. House of Representatives passed the FIT21 Act to give the CFTC more regulatory control over the crypto industry. The Senate has yet to decide whether to support the bill.
In the meantime, the United States Congress is committed to prioritizing crypto regulation this year, with the FIT21 Act emerging as a key focus.
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