White House is considering Jill Sommers and Kyle Hauptman as new pro-crypto candidates for the position of CFTC chair

The White House is weighing new candidates to lead the Commodity Futures Trading Commission (CFTC) as the confirmation of Brian Quintenz, Donald Trump’s original pick, remains stalled.

Eleanor Terrett, journalist and host of Crypto in America, shared a scoop on X that former CFTC commissioner Jill Sommers and National Credit Union Administration (NCUA) chair Kyle Hauptman are under consideration. 

Both are reportedly regarded as pro-crypto. Their emergence follows reports that other names, including SEC counsel Mike Selig and Treasury counselor Tyler Williams, among others, are also being vetted.

Quintenz, who previously served as a CFTC commissioner, has seen his nomination hit a brick wall following political pressure and lobbying from high-profile crypto executives led by the Winklevoss brothers.

Quintenz appears sidelined

Quintenz’s nomination, announced earlier this year, was initially welcomed by sections of the crypto industry as he already works actively in the industry, being the head of policy at a16z crypto. 

However, his candidacy hit a stumbling block in July when Gemini co-founder Tyler Winklevoss reportedly asked Trump to halt the confirmation, citing frustration at what he described as years of “lawfare” against his company under the Biden administration.

Reports say that the Winklevoss twins, who backed Trump’s campaign with millions of dollars in donations, were flexing their Washington influence in the matter. Quintenz later suggested that President Trump might have been misled by the twins, sharing private messages on social media in an attempt to defend his record.

New contenders emerge for CFTC Chair role

Jill Sommers, who served as a CFTC commissioner between 2007 and 2013, is among the frontrunners now being considered. She is said to maintain close ties with SEC chairman Paul Atkins, having worked with him at his consultancy firm, Patomak Global Partners. Her regulatory experience and network in Washington could make her a consensus candidate.

Kyle Hauptman, currently the 13th chair of the NCUA, also has significant market credentials, having worked as a senior vice-president at Jefferies, where he traded U.S. Treasuries and futures.

It was previously reported that the administration was also considering SEC counsel Mike Selig, who leads the commission’s crypto task force, and Treasury official Tyler Williams, a digital asset policy specialist. Williams has also previously worked at Galaxy Digital. Newer report shows that Josh Sterling, a partner at Milbank and former CFTC official, has also been added to the list.

Crypto regulation at a crossroads

The CFTC may find itself with more oversight on matters that concern the crypto market under pending legislation. However, the CFTC is in dire need of leadership after notable resignations this year. Industry participants fear that without a confirmed chair, the agency could lose momentum in shaping the regulatory framework for digital assets.

In recent months, the CFTC has taken steps seen as favorable to the sector. These include permitting offshore exchanges to serve U.S. customers under a “crypto sprint” initiative and exploring rules to allow trading of spot crypto asset contracts on registered futures exchanges.

 A pro-crypto chair is expected to advance these initiatives further.

Yet the prospect of appointing an openly pro-crypto regulator is not without controversy, especially when people and organizations in the sector that the commission is meant to regulate can influence appointments. Critics warn of potential regulatory capture, given the heavy lobbying and political donations from crypto executives.

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