CFTC Commissioner Morsinger to Lead Blockchain Association

Somer Morsinger, a commissioner at the Commodity Futures Trading Commission (CFTC), has announced her resignation from the regulatory body. Concurrently, a prominent cryptocurrency advocacy group has revealed that she will be appointed as its new Chief Executive Officer (CEO).

Morsinger, a Republican, was appointed to the CFTC by Joe Biden in 2022. She was previously considered a potential candidate for the position of CFTC Chair, but the role ultimately went to former official and cryptocurrency industry executive Brian Quintenz.

The Blockchain Association, a leading industry group, has stated that Morsinger will join the organization in June to lead its efforts in advocating for digital asset policy reforms. The association highlighted Morsinger's extensive regulatory experience and her commitment to fostering innovation within the cryptocurrency sector.

In a statement, the Blockchain Association described Morsinger as the "ideal leader" to guide the industry towards new heights. Sarah Milby, the association's policy director, will serve as interim CEO until Morsinger's official start date on June 2. The current CEO, Kristen Smith, will step down on Friday to join the Solana Policy Institute.

Morsinger's transition to the private sector comes at a time when the cryptocurrency industry is intensifying its lobbying efforts to influence digital asset regulations in the United States. The industry has been pushing for legislative action to establish clear guidelines for cryptocurrencies, but recent attempts to pass legislation have faced significant hurdles.

During his presidential campaign, Donald Trump pledged to become the "crypto president" and attract industry support by promoting the widespread adoption of digital assets. Shortly after taking office, he established a cryptocurrency working group to develop regulatory proposals and signed an executive order to create a federal Bitcoin reserve.

Despite these efforts, the industry continues to face regulatory challenges. A recent bill aimed at providing a regulatory framework for stablecoins, a type of cryptocurrency pegged to the U.S. dollar, failed to overcome a critical hurdle in the Senate, dealing a setback to the industry's advocacy efforts.