SEC and CFTC See Crypto Literate Heads Chosen

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In Brief
  • Chris Brummer is expected to fill the CFTC Chair position.

  • Gary Gensler is slated to fill the SEC Chair.

  • Until Gensler's confirmation, Alison Lee will be the acting head of the SEC.

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The Trust Project is an international consortium of news organizations building standards of transparency.

Heath Tarbert has departed from his role as chair of the  Commodity Futures Trading Commission (CFTC). Chris Brummer will take over the role.   

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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. 

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CFTC Changes

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.

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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