Heath Tarbert has departed from his role as chair of the Commodity Futures Trading Commission (CFTC). Chris Brummer will take over the role.
Newly elected US President Joe Biden wasted no time following his inauguration. Biden took action by signing no less than 15 executive actions related to a variety of policy areas.
As a result, the government brought sweeping changes across the board. In particular, the shuffle affects bodies related to the cryptocurrency and digital assets industries.
Heath Tarbert will be stepping down from his role as chair of the Commodity Futures Trading Commission (CFTC). Chris Brummer is the leading candidate as Tarbert’s replacement.
Brummer is currently Profession and Faculty Director of Georgetown University’s Institute of International Economic Law. Brummer is known for his research related to digital technology, international finance and cryptocurrencies.
While the appointment has not been confirmed, it is expected to be announced in the coming days.
SEC Chair Also Switching
The news comes days after speculation that President Biden would select MIT blockchain professor Gary Gensler as the candidate to head the US Securities and Exchange Commission (SEC).
However, in the interim, the Biden administration named commissioner Allison Lee as acting Chair of the agency.
Buzz abounds regarding the appointment of Gensler. The confirmation process adds uncertainty to the timing. However, his confirmation is not out of the question.
No Good News Yet for Ripple
Ripple Labs Inc. had expected the possibility of Gensler taking the SEC Chair. However, this is not necessarily a positive move regarding the SEC charges brought against the company. Gensler previously stated that he still believed XRP was a security.
If Ripple had pinned their hopes on the new administration saving them from the SEC, they will have to wait.
Moreover, Lee has no specific experience or comment directly related to digital assets. Following the news of her placement as acting SEC Chair, she stated “During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,”
The CFTC appointment will represent a positive move for cryptocurrencies. But the SEC appointment at this point shows no positive or negative impact on current cases.
The changes across the board make for an exciting time within the industry. More Bitcoin and digital asset-friendly appointments are likely to be made in 2021.