According to Fox Business Senior Correspondent Charles Gasparino, the Trump transition team has noted at least six candidates for the Commodity Futures Trading Commission (CFTC) chairman.

The announcement signals a significant shift in regulatory authority over the cryptocurrency market, worth an estimated $3.5 trillion as CFTC is poised to assume a lead role in crypto oversight.

During a recent Fox Business segment, Gasparino explained that while the Securities and Exchange Commission (SEC) has traditionally been regarded as Wall Street’s primary regulatory agency, the Trump administration appears to be reallocating responsibilities.

Under the new approach, the CFTC, recognized for its regulatory rather than enforcement-focused mandate, will take on a larger role in overseeing cryptocurrency markets.

BREAKING: @FoxBusiness has learned that the Trump transition team has interviewed at least a half dozen candidates to fill the role of chairman of the @CFTC, which will likely be the lead regulator of $3.5 trillion crypto industry thus fulfilling a promise top end the @SECGov's…

— Charles Gasparino (@CGasparino) January 8, 2025

The Candidates

The list of potential candidates to lead the CFTC includes prominent names from the public and private sectors, underscoring the administration’s intent to establish a strong leadership team. Among those reportedly being vetted are:

Brian Quintenz: Currently the Head of Crypto Policy at Andreessen Horowitz, Quintenz also has prior experience with the CFTC.

Marco Santori: The Chief Legal Officer of Kraken, a leading cryptocurrency exchange, Santori brings deep industry expertise.

Caroline Pham: An existing CFTC Commissioner with substantial regulatory experience.

Neal Kumar: A partner at Willkie Farr & Gallagher LLP and a former CFTC lawyer.

Josh Sterling: A partner at Milbank LLP, Sterling is another legal expert with a background in financial regulation.

Policy Implications

The decision to prioritize the CFTC as the primary cryptocurrency regulator aligns with President Trump’s campaign promises to adopt a more industry-friendly approach to crypto regulation. This strategy reflects widespread criticism of the SEC’s “regulation by enforcement” under its previous chairman, Gary Gensler.

The CFTC, with its historically lighter regulatory touch, is expected to foster innovation in the crypto sector while ensuring compliance with essential rules. By transferring key responsibilities from the SEC to the CFTC, the administration aims to strike a balance between regulation and growth in the rapidly evolving cryptocurrency industry.

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Gasparino suggested that Brian Quintenz may be a leading contender for the position. Quintenz’s role at Andreessen Horowitz, where he has advised on crypto policy, and his connections to key figures in the Trump administration, strengthen his candidacy.

Broader Context

This development reflects President Trump’s efforts to court the cryptocurrency community, a constituency he targeted during his campaign with promises of a more flexible regulatory environment.

By emphasizing the CFTC’s role, the administration appears committed to encouraging blockchain innovation and crypto adoption while reducing the regulatory uncertainty that has hampered the industry in recent years.

A formal announcement regarding the new CFTC chair is expected in the coming weeks. As this decision unfolds, it will serve as a key indicator of the Trump administration’s broader approach to cryptocurrency and financial technology regulation.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Under the proposed regulations, crypto exchanges, custodians, and lending companies will face more stringent rules governing their operations. Additionally, stablecoins, a type of cryptocurrency pegged to a fiat currency, will be subject to regulations already in place for payment service providers.

Read Also: U.S. Crypto Regulation Bill Receives Bipartisan Support, Moves Forward

Regulating Stablecoins: Ensuring Safe and Responsible Usage

Stablecoins have gained popularity as a less volatile alternative to their cryptocurrency counterparts. With their value pegged to traditional currencies like the US dollar or the pound sterling, stablecoins are often utilized to facilitate transactions for digital goods and services.

The government’s announcement specifies that stablecoins will now be regulated under existing rules applicable to traditional payment service providers.

This means that stablecoin issuers must register with the Financial Conduct Authority (FCA) and comply with its regulations concerning know-your-customer (KYC) protocols, anti-money laundering (AML) measures, and consumer protection.

Stablecoins are subjected to these regulations to ensure safer and more responsible usage while safeguarding consumers against the associated risks posed by other types of cryptocurrencies.

Striking a Balance: Consumer Protection vs. Innovation

Regulating the cryptocurrency industry presents a delicate balancing act for the UK government. On one hand, it must shield consumers from potential fraud and other risks rampant in the sector. On the other hand, the government seeks to avoid stifling innovation in this fast-evolving landscape.

The newly proposed measures represent an attempt to strike a harmonious balance between these two objectives. By implementing stricter requirements for crypto exchanges and similar entities, the UK government intends to protect consumers from fraud and other potential dangers.

Nevertheless, the government has expressed a strong commitment to collaborating with the industry to develop a regulatory framework that actively supports innovation.

Read Also: Bank of America Raises Concerns Over Impact of Ripple-SEC Lawsuit Ruling on Crypto Regulations

Impact on the UK Crypto Industry

The true implications of these regulations on the UK crypto industry will only become clear over time. While some experts anticipate that the regulations will create additional hurdles for crypto businesses to operate within the UK, others believe that the measures will ultimately benefit the industry. By instilling greater trust and legitimacy, the regulations could pave the way for long-term growth and stability.

It will likely take several years to fully comprehend the far-reaching consequences of the new regulatory framework. What is certain is that the UK government is taking a proactive stance toward governing the cryptocurrency industry, signaling a fundamental shift in its approach.

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On February 9, Cardano founder Charles Hoskinson submitted a novel staking model dubbed Contingent staking via a Youtube upload. In response, several industry players have both destructively and constructively criticized the Hoskinson-introduced staking concept. 

The ADA token inventor took to Twitter today to shade more light on the Contingent staking model, hitting back at the destructive critics. According to him, the naysayers lack the understanding of the simple concept he is presenting hence, their gross misinterpretation. 

“It’s incredible how polarized some people have become to the extent that they can not understand a basic concept and continue to misrepresent it, ” he said, adding that contingent staking opposers offer no solution for how stake pools can be run to fully comply with local regulations. 

To further explain the recommended staking model, he highlighted that Contingent staking will not replace the conventional staking model of private stake pools as misinterpreted by many users. 

“Contingent staking does not implement a KYC [Know-Your-Customer] regime on Cardano. It does not replace normal staking. It does not remove private pools. A marketplace of SPOs would still exist and allow people to continue to delegate to their preferences, including normal stake pools.”

Read Also: Details on First Cardano Smart Contract in Python

Notably, all these developments emerged as a result of the fresh SEC onset on the prevailing crypto staking model. The SEC argues that several staking services or products offered by some crypto exchanges including Coinbase and Kraken violate securities law, citing ‘the expectation of profits from the efforts of others’ prong of the Howey Test, of which Hoskinson agreed to in his latest webcast. 

Per a previous report, the United States Securities and Exchange Commission (SEC) charged a top centralized U.S.-based crypto exchange, Kraken on February 9. The agency claimed that Kraken’s Staking-as-a-Service (SaaS) program is an unregistered security. To settle the case, the exchange paid a penalty of 30 million dollars. Charles Hoskinson thinks adopting contingent staking would eradicate issues like this from occurring.

See Also: Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details 

However, he noted that the topic of contingent staking is a minor concern compared to the planned developments on the sleeves of the Cardano blockchain development team including Voltaire. It’s also worth mentioning that Djed, a Cardano-based stablecoin went live on the mainnet in January ending and within seven days, Djed recorded a whopping 14,587% increase in unique addresses.

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Charles Hoskinson, the Input Output Global CEO and founder of the popular smart contract platform Cardano (ADA) told the crypto community on Monday not to expect crypto regulation from the United States Congress any time soon. Per the recent comment, the Cardano creator also stated why he thinks the U.S. Congress might delay regulating the cryptocurrency market. 

According to Hoskinson, who was hosted by Congress sometime in 2022, the legislative arm would have likely handed out a regulatory framework for the nascent industry in 2023 but not for the FTX exchange implosion.

This goes further to affirm that the Sam-Bankman Fried and FTX incident is a huge setback for the emerging sector. More so, he included the upcoming 2024 United States election as another factor hindering crypto regulation from Congress.

He said, “Given the current state of Washington and that 2024 is an election year, we have a 6-9 month window this year and then 2025 is the next one for progress legislatively. Before FTX, I would say 2023, but now I think 2025 is right.” 

Given the current state of Washington and that 2024 is an election year, we have a 6-9 month window this year and then 2025 is the next one for progress legislatively. Before FTX, I would say 2023, but now I think 2025 is right

— Charles Hoskinson (@IOHK_Charles) January 23, 2023

In response, the Chief Strategy Officer at Binance Patrick Hillman agreed with Hoskinson stating that “there is some hope, however, in that there are a number of MoCs that are seeking to establish a more healthy regulatory framework for the industry.”

Hoskinson’s latest comment also comes in agreement with an earlier claim from John Deaton. The popular attorney representing over 75,000 XRP holders in the Ripple-SEC slammed Congress asserting that the United States is being left behind in terms of crypto adoption. Deaton added that he doesn’t see sensible crypto regulation being passed into law anytime soon. 

He wrote, “I believe the 1st or 2nd Quarter of 2025 is likely the earliest it could get done and I may be being overly optimistic with that time estimate. The market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.”

I believe the 1st or 2nd Quarter of 2025 is likely the earliest it could get done and I may be being overly optimistic with that time estimate.

The market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.

— John E Deaton (@JohnEDeaton1) January 22, 2023

Given that Congress has issued no regulatory guidance for cryptocurrency yet, the United States Securities and Exchange Commission (SEC) has been all out to achieve regulations through enforcement.

Accordingly, the Gary Gensler-led SEC has launched attacks on several crypto projects, alleging that their native tokens are unregistered securities. While the securities watchdog defeated LBRYcom in the LBC lawsuit in 2022, the XRP lawsuit which has lasted for over two years is still underway.

Just like most crypto proponents including the U.S Congressional candidate January Walker, Hoskinson wants Ripple to win as he understands a victory for the SEC would be catastrophic for the crypto industry.

Related: XRP Lawsuit: John Deaton States Why SEC Motion for Summary Judgment Would Be Denied

Recently, the SEC also charged both Gemini and Genesis Trading for offering unregistered security products as earlier predicted by John Deaton. For these reasons, he asserted that “the industry must come together to help fight the SEC’s enforcement-only policy.”

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As reported by New York Times, Rishi Sunak, 42, the son of Indian immigrants, has become the first person of color to become prime minister in British history.

The report stated further that Sunak won the contest to replace the short-lived Prime Minister, Liz Truss, after his only remaining opponent, Penny Mordaunt, withdrew after failing to reach the threshold of 100 nominating votes from Conservative lawmakers.

Read Also: PayPal Extends Bitcoin, Ethereum, Bitcoin Cash, and Litecoin Payment Services to United Kingdom (UK)

When Sunak was serving as the UK’s Chancellor of the Exchequer, he launched a number of initiatives to encourage the crypto industry.

Back in April, he announced the creation of a new group named “Crypto asset Engagement Group”. It comprises those from the crypto industry and regulatory authorities to advise the government on how to address digital assets.

Sunak also initiated the idea of examining ways to modify tax policies so as to encourage the growth of the crypto industry.

Rishi Sunak noted

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Read Also: Google Trend Study Says Shiba Inu (SHIB) is the Most Popular Crypto in the United Kingdom (UK)

During his reign as the Chancellor of the Exchequer, he instructed the Royal Mint to issue a non-fungible token (NFT).

“Chancellor Rishi Sunak has asked RoyalMintUK to create an NFT to be issued by the summer. This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK.”

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To develop this framework, several agencies and diverse stakeholders across the government, academia, and civil society worked together to formulate policy recommendations that advance the six key priorities identified in the Executive Order by the U.S. President. 

As seen in the recently released crypto framework, the White House is focused on ensuring the protection of consumers, investors, and businesses, fostering financial stability, promoting access to safe, affordable financial services, fighting illicit finance, advancing financial innovation, exploring the United States Central Bank Digital Currency (CBDC) and reinforcing global financial leadership and competitiveness. 

More so, the release puts into consideration other sectors of the digital asset space including cryptocurrency mining. It also encourages private-sector research while stressing the need for players to observe measures useful in the mitigation of risks. 

Read Also: Senator Toomey Slams SEC Chair For Classifying Most Crypto as Security

The White House Crypto Framework Focus

While cryptocurrency and blockchain technology is a beneficial digital innovation and positive contribution to the global financial system, it poses serious risks if indulged carelessly and without clear regulations. It is also worth noting that several bad actors and loss-inflicting scenarios have continuously surfaced in the crypto industry. The most recent was the Terra ecosystem collapse in May which triggered other damaging instances including the insolvency of companies like Celsius, and Three Arrows Capital (3AC) among others. 

To protect investors and businesses adopting the crypto payment method as well as ensure fair play in the crypto niche, the Biden-Harris administration has consistently issued guidance and enforcement resources while keeping tabs on fraudulent players. As clearly stated in the White House framework released on Friday, the U.S. plans to step up its regulatory actions thus; 

• The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are encouraged to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.
• The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) are encouraged to redouble their efforts to monitor consumer complaints and punish unfair, deceptive, or abusive practices.
• Agencies are further encouraged to issue guidance and rules to address current and emergent risks in the digital asset ecosystem. Equally, regulatory and law enforcement agencies are also urged to collaborate to address acute digital assets risks facing consumers, investors, and businesses.  The release added that agencies are encouraged to share data on consumer complaints regarding digital assets — ensuring each agency’s activities are maximally effective.
• According to the publication, the Financial Literacy Education Commission (FLEC) has been tasked to lead public-awareness efforts to help consumers understand the risks involved with digital assets, identify common fraudulent practices, and learn how to report misconduct. 

Related: Crypto Regulation: U.S Administrators Submit Framework to President Biden

The Biden-Harris administration holds that the digital economy should work for all Americans. Therefore, developments should be made such that digital services can be accessible to all at a low cost, especially with cross-border payments. In promoting access to safe, affordable financial services, the report read 

“Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate – for example, in the context of distribution of disaster, emergency or other government-to-consumer payments.”

It added that “the National Science Foundation (NSF) will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.” Meanwhile, the administration is ramping up efforts to tackle illicit finance including money laundering and ransomware crimes among others. 

Read Also: US Treasury Secretary Janet Yellen Says Biden’s Crypto Executive Order Supports ‘Responsible Innovation’

Per the release, “the President will evaluate whether to call upon Congress to amend the Bank Secrecy Act (BSA), anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers—including digital asset exchanges and nonfungible token (NFT) platforms.”

In addition, the plan to roll out a Central Bank Digital Currency (CBDC) is also on the sleeves of the Biden-Harris administration. On this note, it is stated that “the leadership of the Federal Reserve, the National Economic Council, the National Security Council, the Office of Science and Technology Policy, and the Treasury Department will meet regularly to discuss the working group’s progress and share updates on and share updates on CDBC and other payments innovations.”

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Framework for International Crypto Regulation

Per a report, a framework for international crypto regulation was drafted and submitted to the President of the United States on July 7.

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The document crafted by several agencies summarizes all approaches the United States administrators intend to employ in maintaining high regulatory standards and a level playing ground in the digital assets industry. 

As revealed in the fact sheet, this crypto regulatory framework seeks to primarily address the risks as well as harness the potential benefits of cryptocurrency and blockchain technology.

Also, it is directed at enhancing the adoption of global principles and standards in the cryptocurrency space.

More so, approaches laid out in the framework are intended to ensure that “the nation’s core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform, as well as architecture interoperability, are preserved.”

Meanwhile, the safety and soundness of the global financial system and international monetary system have also been put into consideration. 

Other core objectives of the framework as stated in the document include the protection of the United States and global financial stability as well as, the mitigation of illicit finance and national security risks posed by the misuse of digital assets. 

The press release further disclosed that U.S. regulators have set out to support technological advances that promote responsible development and use of digital assets by advancing research and relationships that increase shared learning.

Above all, protecting consumers, investors, and businesses in the United States and globally by promoting technology and regulatory standards that reflect U.S. values is a top objective. 

To achieve these planned goals, U.S. administrators noted that the United States must continue to engage and partner with the G7, G20, IMF, Financial Stability Board, Financial Action Task Force (FATF), the Egmont Group of Financial Intelligence Units (FIUs), Organization for Economic Cooperation and Development (OECD), the World Bank and other standard-setting bodies. 

Part of the fact sheet said;

“The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements.  

Such international work should continue to address the full spectrum of issues and challenges raised by digital assets, including financial stability; consumer and investor protection, business risks; money laundering, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities.”

Notably, the submitted blueprint was developed in accordance with the President’s Executive Order,  by the United States Department of the Treasury, in consultation with other administrators of bureaus like the U.S. Agency for International Development (USAID), the Secretary of State, the Secretary of Commerce, and the heads of other relevant agencies.  

Related: Joe Biden Officially Issues Crypto Executive Order, Promises to Support Technological Advances In Digital Assets

President Biden’s Crypto Executive Order 

Issued on March 9, 2022, the Executive Order by President Joe Biden tasked U.S administrators to ensure the responsible development of digital assets and blockchain technology for international engagements.  

Additionally, U.S. regulators were directed to work on the development of central bank digital currencies (CBDCs) technologies that are consistent with the nation’s values and legal requirements.

On the whole, the Executive Order was put out on the grounds that poor crypto regulation, supervision, and compliance across jurisdictions raise risks encountered by investors, businesses, and the digital assets markets in general. 

In response, the United States Treasury Secretary Janet Yellen noted that President Biden’s crypto Executive Order supports responsible innovation.

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