Next CFTC Chair: Top Candidates Donald Trump is Eyeing To Replace Rostin Behnam

• Rostin Behnam announced his resignation as CFTC chair.
• Potential replacements for Behnam include figures like Summer Mersinger, Brian Quintenz, and Marco Santori.
• These candidates are known for their crypto policy expertise and could influence the future of digital asset regulation in the U.S.

Rostin Behnam announced his resignation as Chairman of the U.S. Commodity Futures Trading Commission (CFTC), effective Jan. 20.

His departure could lead to potential shifts in the CFTC’s approach to crypto regulation under the new administration.

Several key figures, each with a unique stance on crypto regulation, are being considered to take over the role.

Rostin Behnam Steps Down

While less controversial than SEC Chairman Gary Gensler’s tenure, Behnam saw the CFTC assert itself as a key crypto regulator.

The agency pursued high-profile cases against major players like FTX and Binance, targeting foreign exchanges offering leveraged crypto trading to U.S. customers.

It also took action against platforms like Polymarket for illegal crypto betting.

Reflecting on his time in office , Behnam emphasized his focus on addressing market risks, building consensus, and establishing guardrails to ensure fair and stable markets.

His departure opens the door to major shifts in the CFTC’s crypto policy under the new administration.

CFTC Chair Contenders

Following Behnam’s resignation, speculation ran high over who would take the helm of the CFTC.

Here are some of the picks Donald Trump is eyeing for the CFTC chair.

Summer Mersinger

Mersinger, former deputy chief of staff to Senate Majority Leader John Thune, R-S.D., is recognized as a thought leader in crypto.

She frequently speaks at industry events, emphasizing the need to balance innovation with consumer protection.

Her dissenting opinions on several CFTC enforcement cases involving decentralized finance (DeFi) companies have earned her respect within the industry.

In her September dissent on the CFTC’s settlement with decentralized crypto exchange Uniswap, Mersinger said regulation through enforcement is, at best, a band-aid.

“At some point, the Commission must engage in a rulemaking process around DeFi and consider our role in promoting responsible innovation for the future of the U.S. derivatives market,” Mersinger said.

Mersinger is one of the many names Trump is considering for the CFTC chair role.

Brian Quintenz

Brian Quintenz is the crypto policy chief at Andreessen Horowitz (a16z) and is key in advocating for comprehensive regulations for the firm’s clients.

His strong working relationship with both industry leaders and government agencies could benefit him significantly if he is nominated for the CFTC chair role.

Quintenz’s connection to a16z is considered advantageous, particularly given founder Marc Andreessen’s close ties to Trump as a top crypto and artificial intelligence advisor.

Trump also nominated Quintenz to the CFTC in 2017, where he worked alongside then-Chairman Chris Giancarlo to approve regulated futures contracts for Bitcoin (BTC) and Ethereum (ETH).

Marco Santori

Marco Santori is the Chief Legal Officer (CLO) at Kraken, one of the largest global cryptocurrency exchanges.

He is well-known in the crypto industry for his legal expertise and advocacy for a balanced approach to crypto regulation.

Santori has played an important role in helping Kraken navigate the complex legal environment of digital assets, working to ensure compliance with various regulatory bodies across different jurisdictions.

Santori’s stance on crypto is generally supportive of innovation in the space, but he also advocates for clear, sensible regulations that can help foster the industry’s growth while protecting consumers.

He has discussed the need for regulation that encourages responsible innovation and ensures crypto firms operate transparently and within the law.

Caroline Pham

Caroline D. Pham has been a CFTC Commissioner since April 2022 .

With 24 years of experience in law and finance, including over 10 years in crypto and digital assets, Pham has become a recognized leader in strategy and innovation.

She is known for proposing a U.S. regulatory sandbox and creating a CFTC digital asset markets pilot program.

As sponsor of the CFTC’s Global Markets Advisory Committee, Pham has led efforts on U.S. digital asset taxonomy and other key financial market reforms.

Her career also includes roles at Citigroup, where she worked on strategic initiatives in digital assets and market structure.

Pham has strongly advocated smart regulation that promotes innovation while ensuring market stability.

Neal Kumar

Neal Kumar  is Co-Head of the Commodities & Derivatives Practice at Willkie and a member of Willkie Digital Works.

At his firm, he represents financial institutions, trading companies, and exchanges on regulatory, enforcement, and transactional matters involving digital assets.

He is a recognized expert in derivatives regulation, particularly concerning the CFTC and the National Futures Association (NFA).

Kumar frequently advises clients on digital asset regulation, including state and derivatives laws, and the intersection of digital assets with blockchain and cryptocurrencies.

With experience in the CFTC’s Office of the General Counsel, he could offer valuable insights into regulatory and enforcement issues affecting the crypto industry.

Josh Sterling

Josh Sterling  has 20 years of experience in the derivatives and securities markets, including as a senior federal financial regulator.

He represents clients in the derivatives markets before the CFTC, the SEC, and other regulatory bodies.

Sterling has significant experience advising clients in crypto, particularly in mining and DeFi platforms.

He also assisted in forming derivatives exchanges linked to fintech.

Previously, Sterling served as director of the CFTC’s Market Participants Division. There, he led regulatory efforts for over 3,300 firms and helped drive the CFTC’s crypto innovation initiatives.

He played a key role in precedent-setting cases and was recognized with the Chairman’s Award for Excellence in Management.