Reports surfaced today that the White House is considering former CFTC commissioner Jill Sommers and National Credit Union Administration (NCUA) Chairman Kyle Hauptman for the position of CFTC Chair.
The White House began vetting new candidates after President Trump’s initial pick, Brian Quintenz, stalled in the Senate. Jill Sommers and Kyle Hauptman are being considered due to their established track records, indicating a generally pro-crypto and innovation-friendly stance.
White House Vets New CFTC Candidates
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The White House reportedly evaluates Jill Sommers and Kyle Hauptman’s candidacy to head the Commodity Futures Trading Commission (CFTC). The wider crypto community welcomed the move, which praised the candidates’ generally pro-crypto stance.
Sommers has extensive experience in commodities and futures regulation, having served two consecutive terms as a CFTC commissioner between 2007 and 2013 during the George W. Bush and Obama administrations.
She also has a close professional relationship with current SEC Chair Paul Atkins. Sommers has a decade-long tenure at Patomak Global Partners, a consultancy founded by Atkins. She currently chairs the firm’s Derivatives Practice Group.
Meanwhile, Hauptman currently serves as the thirteenth chairman of the NCUA, after Trump appointed him at the start of his term. As Chairman, his priorities include re-examining the agency’s budgeting, promoting artificial intelligence (AI) use, and codifying procedures to prevent regulation-by-enforcement.
The Candidates on Crypto and Innovation
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Throughout their careers, Sommers and Hauptman have expressed intent on creating a path for digital assets through regulated financial structures.
Sommers joined the FTX US Derivatives Board of Directors in September 2022 to help it reshape the US market structure. She publicly championed the company, an affiliate of the now-collapsed FTX group, as a leader in bridging digital and traditional assets and striving to be the world’s most regulated crypto exchange.
Since his days as Vice Chairman of the NCUA, Hauptman has consistently supported the integration of blockchain technology. In a September 2024 speech, he stressed that the agency must avoid becoming “technophobic,” asserting that credit unions must welcome new technologies to remain competitive.
However, Hauptman has recognized the associated risks. Yet, he emphasized that they are an inherent part of emerging technologies.
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Hauptman has also emphasized the practical advantages of digital assets, noting that stablecoins could modernize the slow US payments system, particularly for international transactions.
Why Is the Chairmanship Still Vacant?
Caroline Pham currently serves as the CFTC’s Acting Chairman. Trump appointed her to temporarily lead the agency from her existing role as a Commissioner.
To fill the position permanently, a candidate must receive a formal nomination from the President and a separate confirmation from the US Senate.
In February, Trump formally nominated Brian Quintenz as the CFTC’s permanent Chairman. A Republican, Quintenz previously served as a CFTC Commissioner during Trump’s first term.
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After that, he became the Global Head of Policy for a16z crypto, making him a figure with strong ties to the digital asset industry.
Quintenz’s nomination has faced several difficulties in Congress. The Senate Agriculture Committee has repeatedly delayed a vote on his confirmation.
Meanwhile, high-profile crypto figures, including the Winklevoss twins, have publicly questioned his commitment to the administration’s crypto agenda. His previous role on the board of the Kalshi prediction market has also sparked ethical concerns regarding potential conflicts of interest.
Should Trump formally nominate Sommers or Hauptman, it will ultimately be up to the Senate to decide whether they are fit enough to serve at the front of the CFTC.
Source: https://beincrypto.com/new-cftc-chair-candidates-pro-crypto/
