Reports have surfaced today that the White House is considering the position of former CFTC committee member Kyle Hauptmann and CFTC chairperson of the National Credit Union Agency (NCUA).
The White House began judging new candidates after President Trump’s first pick, Brian Kintenz, stagnated in the Senate. Jill Sommers and Kyle Hauptman are considered for their established track record and generally show a pro-crypto-innovation friendly stance.
White House escapes new CFTC candidates
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The White House reportedly appreciates the lead of Jill Somers and Kyle Hauptmann’s Commodity Futures Trade Commission (CFTC). The wider crypto community welcomed the move and praised the candidate’s general custody attitude.
Somers has two consecutive terms of office between George W. Bush and the Obama administration as CFTC Commissioner between 2007 and 2013, and has extensive experience in commodity and futures regulations.
She also has a close professional relationship with current SEC chair Paul Atkins. Somers is in a 10-year tenure at Patmac Global Partners, a consulting company founded by Atkins. She currently chairs the company’s Derivative Practice Group.
Meanwhile, Hauptman is now the 13th chair of the NCUA after Trump appointed him at the start of his term. As chairman, his priorities include reexamining agency budgeting, promoting the use of artificial intelligence (AI), and codification of procedures to prevent enforcement regulations.
Candidates for Crypto and Innovation
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Throughout their careers, Somers and Hauptmann intend to create a path for digital assets through regulated financial structures.
Sommers joined the FTX US Derivatives Board of Directors in September 2022 to help restructure the US market structure. She has publicly defended the company, an affiliate of the now collapsed FTX Group, as a leader striving to bridge digital and traditional assets and become the world’s most regulated crypto exchange.
Since his time as Vice Chairman of the NCUA, Hauptman has consistently supported the integration of blockchain technology. In his September 2024 speech, he emphasized that institutions must ensure that they do not become “technologic,” and argued that credit unions must welcome new technologies to stay competitive.
However, Hauptman is aware of the associated risks. However, he emphasized that they are an inherent part of emerging technologies.
“All new and extensive technology comes with a downside. Did you know that there was a zero car accident before the car was present? It hadn’t arrived on the horse yet. That’s what criminals often use if you think it’s often used.
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Hauptman also highlights the practical benefits of digital assets, noting that Stablecoins can modernize the slower payment system in the US, particularly for international transactions.
Why is the Chairman still open?
Caroline Fam is currently acting chairman of the CFTC. Trump appointed her and temporarily led the agency from his existing role as a committee member.
To fill that position permanently, candidates must receive a formal nomination from the President and another confirmation from the US Senate.
In February, Trump officially appointed Brian Kintenz as the CFTC’s permanent chairman. Quintenz, a Republican, previously served as the CFTC commissioner during Trump’s first term.
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He then became global policy director for A16Z Crypto and a person with strong connections to the digital asset industry.
Quintenz’s nomination has faced several challenges in Congress. The Senate Agriculture Committee repeatedly delayed his vote on confirmation.
Meanwhile, well-known cryptography figures, including Winklevoss Twins, have publicly questioned his commitment to the administration’s crypto agenda. His previous role on the Calci Forecast Market board also raised ethical concerns about potential conflicts of interest.
If Trump officially nominates Somers or Hauptman, it will ultimately be up to the Senate to decide whether he has enough income to serve the front of the CFTC.
