Reuters reports that if Brummer serves as the head of the federal commodities regulator, he will succeed Heath Tarbert who stepped down on January 21st, and temporary CFTC chair Rostin Behnam.
Established in 1974, the CFTC was founded to regulate the US derivatives market and protect investors from fraud and manipulation as well as promote a competitive futures market.
According to Brummer’s website, he was nominated twice by Obama in 2016 and 2017 to serve as Commissioner of the regulatory body but the nomination was withdrawn by former President Donald Trump after taking office.
Brummer is extremely savvy in the fields of fintech, blockchain, and cryptocurrencies. He edited a book on crypto and blockchain entitled, “Crypto Assets Legal, Regulatory, and Monetary Perspectives.” He also founded the DC Fintech Week conference and hosts the Fintech Beat podcast which looks at the regulations and policies surrounding finance and technology.
Brummer would be the third pick from Biden who is well-versed in crypto, following Gary Gensler who is expected to be the chairman of the U.S. Securities and Exchange Commission and Michael Barr who is reportedly poised to serve as the Comptroller of the Currency at the Office of the Comptroller of the Currency.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc