Although the interim president of the United States Commercial Commission, Caroline Pham, has advanced in a friendly policy with cryptocurrencies, even when she has an out of the door, the White House is working quickly to find a permanent successor after leaving the first option of President Donald Trump.
Trump’s nominee Brian Quintenz, former commissioner, was recently retired, and the administration has been “working hard” when announcing a new option, said former CFTC president Chris Giancarlo, who added that he was in the White House on Wednesday.
“The White House felt that they had things in hand; it didn’t work,” Giancar him said in an interview on Coindesk TV. “I am very optimistic that we will soon have nominees that everyone will say, ‘Wow, excellent options.”
Giancarlo, a cryptographic defender for a long time, sometimes known in the industry as a “father crypto”, a name he used as the title of a book he wrote in the Digital Assets movement, said the White House is investigating CFTC candidates beyond the presidency. Without a commissioner board, who takes care of Pham would be alone in the commission, which intends to have five members by law. Policies instituted by a single member commission could be vulnerable to legal challenges.
“They are very aware of this,” said Giancarlo. “They know what they have to do.”
A main contender for the presidency is Mike Selig, who has been working as a senior official in cryptographic policies in the stock exchange and values, according to people familiar with the investigation. Any nominee still needs confirmation of the US Senate. Uu. Before being able to take the jobs, a process that stagnated in the middle of the current with Quintenz after openly opposed the CEO of Gemini, Tyler Winklevos.
It is likely that the CFTC is a leading regulator of the Cryptography Markets of the United States, especially if the Senate completes and approves the market structure legislation that has already cleared the House of Representatives. That effort would give new powers to the smallest cousin of the SEC, giving jurisdiction to spot markets where cryptographic products such as Bitcoins trade directly. Although the SEC has been quickly moving in a cryptographic posture with Trump, the CFTC had a deep history with the sector since its 2015 movement to recognize Bitcoin as a merchandise.
Earlier this week, Pham sought to assure the lawyers of the financial sector that the CFTC is advancing well under its temporary leadership, although he also said he hopes to leave the agency soon. Giancarlo said that a “debt of gratitude” owes him for what he is doing, a large part of which has focused on a “cryptographic sprint” that he has offered to coincide with the cryptographic agenda of the SEC project.
While the short -hand CFTC expects a new leadership, the Senate has been slowed down by the closure of the federal government and shows few signs of a short -term completion of industry legislation.
Representative Bryan Steil, president of the Crypto Subcommittee within the Financial Services Committee of the House of Representatives, said in a separate interview in Coindesk TV that the current objective is “completing this as soon as possible, but no later than the late year.” That came out considerably of the initial deadline of Trump of August.
The Chamber had already approved its version this year, the law of clarity of the digital asset market, with an overwhelming bipartisan vote. Steil argued that the Senate can save a lot of time “using clarity as a baseline text” for their work, although the Republicans of the Senate proposed their own language project and that is the text that legislators have been working.
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