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CFTC’s ‘chosen one’ picked by US President Biden

According to a report, Crypto guru and Georgetown University law professor Chris Brummer is President Biden’s number one pick to be the Commodity Futures Trading Commission (CFTC).

Reuters announces that if Brummer works as the head of the federal commodities regulator, he will replace Heath Tarbert, who stepped down on January 21st, and temporary CFTC chair Rostin Behnam.

Established in 1974, the CFTC was founded to regulate the U.S. derivatives market and protect investors from fraud and manipulation and encourage a competing futures market.

As claimed on Brummer’s website, he was nominated twice by Obama in 2016 and 2017 to serve as Commissioner of the regulatory body. Yet, former President Donald Trump withdrew the nomination after taking office.

Brummer is too wise in the fields of fintech, blockchain, and cryptocurrencies. He published a book on crypto and blockchain entitled “Crypto Assets Legal, Regulatory, and Monetary Perspectives.”

He also founded the D.C. Fintech Week conference and hosted the Fintech Beat podcast, which examines 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 assumed to be the chairman of the U.S. Securities and Exchange Commission, and Michael Barr, who is confident to serve as the Comptroller of the Currency at the Office of the Comptroller of the Currency.

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