U.S. CFTC accelerates selection of next chair…Trump seeks new candidates after withdrawing first nominee

The selection process for the next chair of the U.S. Commodity Futures Trading Commission (CFTC) is gaining momentum. After President Donald Trump’s first nominee, former commissioner Brian Quintenz, was defeated, the White House is actively reviewing a new slate of candidates.

Former CFTC Chairman Chris Giancarlo said in an interview with CoinDesk on the 2nd (local time), "I am optimistic that a selection that everyone can accept will be made soon," and added, "The White House is reviewing not only the chair but the entire commission composition at the same time."

Currently, Mike Selig, who handled virtual asset (cryptocurrency) policy at the U.S. Securities and Exchange Commission (SEC), is being cited as a leading candidate for the next chair. However, all appointments must go through the Senate confirmation process. Nominee Quintenz was also eliminated during such a process.

The CFTC is regarded as the agency that will lead regulation of the U.S. virtual asset market structure going forward. The House has already passed the Digital Asset Market Clarity Act by bipartisan agreement, and the Senate is also discussing its own bill. If the bill is ultimately passed, the CFTC would secure jurisdiction over spot markets for virtual assets such as Bitcoin (BTC).

Meanwhile, Caroline Pham, acting CFTC chair, recently emphasized to financial industry officials that "the commission is operating stably," but she has also signaled an intention to step down soon. Giancarlo said, "We owe her a debt for the dedication she has shown," and added, "Her effort to advance the CFTC's 'Crypto Sprint' in response to the SEC's 'Project Crypto' is worthy of praise."