Former CFTC Chairman: White House is Considering Multiple CFTC Nominees

BlockBeats News, October 3rd, according to a report by CoinDesk, despite the Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham actively advancing pro-crypto policies (even though she has signaled her intention to leave), the White House is accelerating its search for a permanent chairman after abandoning former President Trump's initial nominee.

Former Commissioner Brian Quintenz, previously nominated by Trump, was recently replaced, and former CFTC Chairman Chris Giancarlo revealed that the government has since been "moving quickly" on a new nomination, confirming that he had been to the White House for discussions on Wednesday. "The White House thought they had the situation under control, but plans changed," Giancarlo said in an interview. "I am optimistic that we will soon see a superb nomination that will impress everyone."

The veteran advocate, known in the industry as the "Crypto Dad," pointed out that the White House is selecting candidates for multiple commissioner positions at the CFTC. If they are unable to form a complete commission, the successor will face the challenge of governing alone—according to the law, the commission should have five commissioners, and a single-person decision-making mechanism could face legal challenges. "They are well aware of this and know that action must be taken."

Insiders revealed that the primary contender for the chairman position is the current senior official for crypto policy at the U.S. Securities and Exchange Commission, Mike Selig. All nominees must be confirmed by the Senate before taking office—Quintenz's confirmation process stalled earlier due to public opposition from Tyler Winklevoss, CEO of Gemini.