Perianne Boring among contenders to lead agency involved with crypto in Trump admin

President-elect Donald Trump is in the process of appointing nominees to key roles throughout his administration and his transition team is considering several candidates to lead the agency that could play a key role in regulating cryptocurrencies and the digital assets industry.

During the presidential campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and a “bitcoin superpower.” His administration is expected to take a different regulatory approach to the emerging industry than the Biden administration, which has been criticized as hamstringing the crypto sector — particularly through actions taken by the Securities and Exchange Commission (SEC).

President-elect Trump is expected to release his nomination for the Commodity Futures Trading Commission (CFTC) chair in the near future, an agency that could be poised to play a more prominent regulatory role in the incoming administration as Trump’s team looks to reform cryptocurrency regulations. The agency has five commissioners with the president’s party traditionally appointing a new commissioner to attain a majority when the White House flips from one party to another.

Sources familiar with the selection process told FOX Business that one of the leading contenders for the role is Perianne Boring, who is the founder and CEO of The Digital Chamber, the world’s largest trade association representing the blockchain industry.

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Boring’s work with emerging technologies like crypto and blockchain would help boost her candidacy for the role, one source said. She also began her career working as a legislative analyst in the U.S. House of Representatives on finance, economics, tax and health care policy — so her familiarity with Congress could prove an asset in crafting legislation to guide the CFTC’s regulatory mission.

She also previously worked as a TV anchor hosting a show discussing international financial topics, and her ability to be conversant and telegenic in presenting financial topics to the public is an attribute the Trump transition team values, one source noted. 

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Another top contender for the post is Summer Mersinger, who currently serves as a CFTC commissioner. Mersinger was nominated to the role by President Biden and was confirmed to the role on a voice vote by the Senate. She previously worked in the office of Sen. John Thune, R-S.D., who is set to become the Senate majority leader when the new Congress is seated in January.

As a sitting commissioner, Mersinger would have the advantage of being able to start the process of staffing the agency and taking other actions to lay the groundwork for the Trump administration’s vision for the regulatory agency by becoming an acting chair of the CFTC in advance of her confirmation.

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Caroline Pham is another currently serving CFTC commissioner who could be chosen to lead the agency in the Trump administration with the benefit of being able to serve as acting chair pending Senate confirmation. 

Pham was unanimously confirmed by the Senate to the role in 2022 and has deep experience in working on financial regulation issues, having worked as an advisor to regulators, industry leaders and policymakers on such topics for more than two decades.

Both Mersinger and Pham are well versed in cryptocurrency-related issues. Mersinger has defended crypto firms facing enforcement actions and has called for the CFTC to develop rules of the road for the industry, while Pham has called for the agency to have a program that supports the development of digital asset companies.

Jill Sommers is another contender for the role of leading the CFTC after she served as a commissioner from 2007 to 2013. She has also served as the managing director for regulatory affairs at the Chicago Mercantile Exchange as well as the head of government affairs for the International Swaps and Derivatives Association. 

However, one source noted that it wasn’t clear whether she would be interested in departing her current position as the chief of the derivatives practice group at Patomak Global Partners.

Neal Kumar is also believed to be in the running for the CFTC chair, having previously served as a special counsel in the CFTC’s general counsel’s office. In that role, Kumar provided advice on the development of new rules under the Dodd-Frank Act as well as enforcement matters.

Kumar is currently the co-head of the commodities and derivatives practice at Willkie Farr & Gallagher LLP, where he has worked on a variety of regulatory, enforcement, legislative and transactional topics — including those related to digital assets.

Reuters contributed to this report.