Who Will Replace Rostin Behnam? Top 6 Potential Candidates for CFTC Chairman Position
Highlights
- Rostin Behnam recently stepped down from the CFTC Chairman position, urging Congress to focus on comprehensive crypto regulation.
- Summer Mersinger, Brian Quintenz, Josh Sterling, and a few other candidates take the lead for the position.
- Donald Trump's administration prioritizes pro-crypto candidates to bring regulatory clarity.
Donald Trump’s inauguration on January 20 will mark the end of Biden’s administration. Experts call this the transition from an anti-crypto stance to a pro-crypto stance, which could change the entire trajectory of the crypto industry, as regulatory scrutiny was high in Biden’s administration. Even days before the inauguration event, things began getting in shape with Gary Gensler’s resignation, the introduction of crypto-friendly associates, and much more. Now, the CFTC Chairman position is awaiting a crypto-friendly candidate, as the current chair, Rostin Behnam, has resigned.
Top 6 Candidates To Know About Which Might Replace Rostin Behnam
The current CFTC Chair, Rostin Behnam, is set to step down from this position this month. Although the CFTC oversees the commodity derivatives market, Donald Trump wishes for the CFTC to overlook the crypto market and introduce crypto-friendly policies.
Leaving that for the future, let’s examine the top six candidates who might replace Rostin Behnam.
1. Summer Mersinger
Summer Mersinger is one of the candidates interviewed for the CFTC Chairman position. She is a CFTC commissioner who is also somewhat interested in the crypto industry. She often presents her views on various events and issues, making her a potential candidate.
2. Brian Quintenz
Brian Quintenz is a renowned figure in the crypto industry. He is the head of crypto policy at Andreessen Horowitz (a16z). Supporters consider him the perfect candidate for the CFTC chair role, as his vast experience and good relationships with both crypto and government agencies can help with crypto regulations. He even received Trump’s nomination for the CFTC in 2017.
3. Marco Santori
Marco Santori is the Chief Legal Officer (CLO) at one of the top cryptocurrency exchanges, Kraken. Along with his supportive stance for the crypto industry, he is seen as a sensible person who addresses the importance of crypto regulations, which will protect crypto consumers as well.
4. Caroline Farm
Caroline Farm has 24 years of experience in the Finance and law department. Out of this, she has been dealing with cryptocurrency and digital assets for the last 10 years. She is currently positioned at the CFTC Chairman position for nearly three years.
5. Neal Kumar
Neal Kumar is appointed as the Co-Head of the Commodities & Derivatives Practice at Willkie. His role helps him interact with and represent financial institutions, crypto exchanges, and much involving digital assets. He received the nomination to replace Rostin Behnam due to his interactions with government regulators.
6. Josh Sterling
Josh Sterling previously worked as a senior federal financial regulator. He carries 20 years of experience in the derivatives and securities markets. His role involves interacting with regulatory bodies like CFTC and SEC. He even served as the CFTC’s Market Participants Division director, making him an ideal candidate in the investor’s eyes for the CFTC chairman position.
How New CFTC Chair Will Impact the Crypto Market?
Rostin Behnam himself has emphasized the importance of crypto regulations and their need in the USA. In a Brookings Institution event, he mentioned that the absence of these comprehensive regulations has created issues and that Congress needs to address them. Many industry experts believe giving the CFTC chairman position to a crypto-friendly candidate would make the most significant difference for the industry. Although Donald Trump has hired David O. Sacks as Crypto Czar, his role is limited to the advisory position. Still, after years of ignorance, the industry requires supporting regulators to drive the development and regulation process.
Donald Trump’s meeting with Ripple CEO and the alleged Bank of America using XRP for internal transactions hints at the emergence of cryptocurrency from more than just a trend. The next CFTC and SEC chair and their perspective could severely impact the crypto industry.
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