30s Summary

Donald Trump’s team is considering candidates to lead the Commodity Futures Trading Commission (CFTC), the second most significant regulator of US crypto markets. A frontrunner is Summer Mersinger, a Republican and current CFTC commissioner known for her moderate stance towards crypto. Other candidates include former commissioner Jill Sommers and lawyer Josh Sterling. The industry has responded favourably to Trump’s election, with Coinbase shares rising over 20%, enhanced expectations for crypto ETFs approval, and perceived potential for significant impacts during his presidency.

Full Article

Donald Trump’s team is looking at a number of potential choices to head up the CFTC (Commodity Futures Trading Commission). This issue is relevant to those in the crypto world, as the CFTC is the second biggest regulator of crypto markets in the US behind the SEC (Securities and Exchange Commission).

One person under consideration for CFTC chair by Trump’s team is Summer Mersinger, a Republican who is currently a CFTC commissioner. Known for advocating a softer stance towards crypto, Mersinger is considered a strong candidate. This partly has to do with her previous role as a top advisor to Republican Senator John Thune, who’s now leading the US Senate.

Mersinger has been vocal about her disagreement with how the CFTC has been dealing with crypto firms. She has criticized the regulator for unnecessarily cracking down on these firms. She hopes for clearer rules and guidance on how DeFi (Decentralized Finance) protocols can meet regulatory requirements.

Other people being considered for the role include former CFTC Republican commissioner Jill Sommers and legal expert Josh Sterling, a partner at law firm Milbank and ex-CFTC official.

Trump has yet to announce who will replace Gary Gensler, the current head of the SEC. Chris Giancarlo, a former head of the CFTC, has publicly stated he is not interested in the job.

The crypto market reacted positively to Trump’s election win with Coinbase shares rising by over 20%. Many believe Trump’s presidency will significantly impact the industry. His win is also expected to expedite the approval of several proposed crypto ETFs. These include ones featuring altcoins like Solana, XRP, and Litecoin which are awaiting regulatory green light to be listed in the US.