Regulation

Law Professor Chris Brummer Is Biden’s Top Pick For CFTC Head

The CFTC Legitimizes Crypto, regulator

Georgetown University law professor Chris Brummer as well as the popular crypto guru is apparently the main choice for a new head of the CFTC under Biden’s administration so let’s find out more in today’s cryptocurrency news.

The reports showed that if law professor Chris Brummer serves as the head of the federal commodities regulator, he will succeed Heath Tarbert who stepped down recently, and also temporary chair Rostin Behnam. Established back in 1974, the CFTC was founded to regulate a US derivatives market and to protect investors from fraud and manipulation but to also promote a competitive futures market.  According to Brummer’s website, he was nominated by Obama twice, in 2016 and 2017 to serve as Commissioner of the regulatory body however the nomination was withdrawn by Donald Trump after taking office.

Brummer is savvy in the fintech field as well as blockchain and crypto. He edited a book on blockchain and crypto named “Crypto Assets Legal, Regulatory, and Monetary Perspectives.”  Brummer also founded the DC Fintech Week conference and hosts the Fintech Beat podcast which seems as the regulations and policies surrounding technology and finance. Brummer will be the third pick from Biden following Gary Gensler who is expected to be the chairman of the US Securities and Exchange Commission as well as Michael Barr who will serve as the Comptroller of the currency at the Office of the Comptroller.

brian brooks
Former Comptroller of the Currency Brian Brooks. Source CNBC

As recently reported, Biden will name ex-ripple advisor as to the new OCC head, replacing Brian Brooks as the current Comptroller of the Currency. Former OCC head Brian Brooks resigned a week ago and President Biden will name ex-ripple advisor Michael Barr to the post.  Barr is a former treasury official that has ties to Ripple. According to the reports, President Biden is expected to nominate Barr to serve as the new Comptroller of the Currency. Similar to his predecessor, Barr will bring crypto experience to the Office of the Comptroller of the currency which is an office that regulates national banks and credit unions.

In addition to working on Dodd-Frank banking reforms because of the 2008 financial crisis, when he was Assitant Secretary for Financial Institutions at the Treasury when Barr was named an advisor to Ripple Labs in 2015.

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