Perianne Boring is among the contenders to lead an agency involved in crypto
Independent market analyst Sam Callahan shares insights on whether the value of bitcoin will continue to grow after the election.
President-elect Donald Trump is in the process of appointing nominees for key roles during his administration and his transition team is considering several candidates to lead the potentially influential agency. regulating cryptocurrencies and the digital goods 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 that of the Biden administration, which has been criticized for slowing down the crypto sector — particularly through actions taken by the Securities and Exchange Commission (SEC).
Trump is the President-elect is expected to release his nomination as chairman of the Commodity Futures Trading Commission (CFTC) soon, an agency that may be poised to play a prominent regulatory role in the incoming administration as Trump’s team looks to overhaul cryptocurrency regulations. The agency has five commissioners and the president’s party usually appoints a new commissioner who will gain a majority if the White House moves from one party to another.
Sources familiar with the selection process told FOX Business that one of the leading contenders for the role is Perianne Boring, founder and CEO of The Digital Chamber, the world’s largest trade association representing the blockchain industry.
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Perianne Boring, CEO of the Chamber of Digital Commerce, is among the frontrunners to serve as CFTC chairman. (Valerie Plesch/Bloomberg via Getty Images/Getty Images)
Boring’s work with emerging technologies such as crypto and blockchain will help boost his candidacy for the role, a source said. He also began his career working as a legal analyst in the US House of Representatives on finance, economics, taxation and health care policy – so his familiarity with Congress may prove valuable in creating directive laws. CFTC regulatory activity.
He previously worked as a TV anchor on a program that discusses global financial topics, and his conversational and telephonic ability to present financial topics to the public is an asset to Trump’s transition team, another source noted.
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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. (Photographer: Ting Shen/Bloomberg via Getty Images/Getty Images)
Another strong contender for the position is Summer Mersinger, who currently serves as a CFTC commissioner. Mersinger was nominated to the position by President Biden and confirmed to the role by voice vote of the Senate. He previously worked in the office of Sen. John Thune, RS.D., who will be Senate Majority Leader for the time being the new Congress sitting in January.
As the sitting commissioner, Mersinger will have the opportunity to begin the hiring process and take other steps to lay the groundwork for the Trump administration’s vision for the regulatory agency by being CFTC acting chairman before him. guarantee.
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Caroline Pham is another CFTC commissioner who is currently a potential nominee to lead the agency in the Trump administration to benefit from the acting chairmanship pending Senate confirmation.
Pham was unanimously confirmed by the Senate for his role in 2022 and has extensive operational experience financial regulation and affairs, having served as a consultant to regulators, industry leaders and policymakers on such topics for more than two decades.
CFTC Commissioner Caroline Pham is among the top contenders for the post of CFTC chair in the Trump administration. (Valerie Pleasch/Bloomberg via Getty Images/Getty Images)
Both Mersinger and Pham are well versed in cryptocurrency related issues. Mersinger has defended crypto firms facing enforcement actions and has called on the CFTC to improve traffic rules for the industry, while Pham has called for the agency to have a program that supports the development of digital asset companies.
Jill Sommers is another contender to lead the CFTC after serving as commissioner from 2007 to 2013. He previously served as managing director of regulatory affairs at the Chicago Mercantile Exchange and head of international government affairs. Swaps and Derivatives Association.
However, one source noted that it was unclear whether he would be interested in leaving his position as head of the derivatives practice group at Patomak Global Partners.
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Neal Kumar is also believed to be in the running for the position of CFTC chairman, as he has been a special adviser to the CFTC’s. office of the general counsel. In that role, Kumar provided advice on new rulemaking under the Dodd-Frank Act and enforcement matters.
Kumar is currently the head of the organization material and derivatives practice at Wilkie Farr & Gallagher LLP, where he worked on a variety of regulatory, enforcement, legal and commercial topics – including those related to digital assets.
Reuters contributed to this report.
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