Republican CFTC Commissioner Summer Mersinger has been appointed CEO of the Blockchain Association, a top crypto lobbying organization. As per the firm’s announcement, Mersinger will depart the CFTC on May 30 and start the new role on June 2.
Mersinger’s Crypto-Friendly Approach at CFTC
Mersinger, when she was at the CFTC, was an outspoken ally of the crypto world and called out fellow commissioners for “scorning innovation” through overly burdensome regulation. Her switch to the Blockchain Association could not have come at a more opportune time, with bills put forward to redirect regulatory power from the SEC to the CFTC.
Blockchain Association’s Robust Membership
Some of the largest crypto companies are members of the Blockchain Association. They include Coinbase, Ripple, Andreessen Horowitz, and Paradigm. Moreover, Marta Belcher, president of the board of directors of the organization, said she thinks Mersinger is “the perfect leader to lead Blockchain Association, and the industry, to new heights.”
Issues Involving Potential Conflicts of Interest
While industry players raised champagne to toast Mersinger’s move, others expressed shock over potential conflicts of interest due to her rapid transition from regulating cryptocurrencies to representing the industry in lobbying. However, Open Markets policy director Amanda Fischer wondered if Mersinger had recused herself from matters concerning cryptocurrencies when she was setting up her new work arrangement.
However, the CFTC would not respond to inquiries about whether or not Mersinger has recused himself. “Revolver door” politics between the private and public sectors are in extreme style these days at the CFTC, with the agency about to acquire a new chair, Brian Quintenz, who just resigned as crypto policy lead at Andreessen Horowitz, a member of the Blockchain Association.
Overall, with Mersinger’s resignation, the CFTC loses one of its coarsely-mannered crypto friends as the agency grapples with trying to decide on its future place in regulating the space.
