In brief
- Summer Mersinger, outgoing CFTC commissioner, has been appointed as the new CEO of the Blockchain Association, starting June 2.
- During her CFTC tenure, Mersinger supported the crypto industry and criticized overly severe regulation; she’s leaving most of her second term that would have lasted until 2028.
- The appointment comes at a critical time for crypto policy, with pending legislation that would shift regulatory authority from SEC to CFTC, though some have raised concerns about conflict of interest in her rapid transition.
The Blockchain Association, one of the crypto lobby’s most prominent players, announced its new CEO Wednesday: outgoing CFTC commissioner Summer Mersinger.
In order to take the vacant position, Mersinger will forgo most of her second term at the commodities regulator, which would have lasted until mid-2028. The attorney, a Republican, was first nominated to a GOP vacancy on the Commission by former president Joe Biden in 2021.
In her tenure, Mersinger has vocally backed the crypto industry and criticized fellow commissioners for “banishing innovation” by regulating the sector too severely. She will now play a key role in pushing the industry’s regulatory agenda forward in Washington.
The Blockchain Association’s membership features some of crypto’s most powerful and well-heeled firms, including Coinbase, Ripple, Andreessen Horowitz, and Paradigm.
“We are absolutely thrilled to welcome Commissioner Mersinger as Blockchain Association’s new CEO,” Marta Belcher, the organization’s president of the board, said in a statement Wednesday. “This is a pivotal moment for crypto policy, and we are confident that she is the ideal leader to take Blockchain Association, and the industry, to new heights.”
The Blockchain Association did not immediately respond to Decrypt’s request for comment regarding Mersinger’s compensation as chief executive.
The organization said, however, that the soon-to-be-former commissioner is unable to respond to media requests until she formally resigns from the CFTC on May 30. Her stint at the Blockchain Association will begin the very next business day, June 2.
The Blockchain Association’s previous CEO, Kristin Smith, recently parted ways with the organization to join the newly created Solana Policy Institute.
Mersinger’s appointment comes at a critical time for both the American crypto industry and the CFTC. Bills pending in Congress would strip the SEC of almost all of its jurisdiction over the sector, and hand it to the CFTC, a far more hands-off regulator. That legislation is now in peril, however, due to growing fractures in bipartisan support of the industry.
Several crypto policy leaders rushed to celebrate news of Mersinger’s new crypto role once it was announced Wednesday.
“Her enthusiasm for the challenge ahead was undeniable,” Bill Hughes, Consensys’ director of Global Regulatory Matters, posted on X. “ Her ability to lead us to a promising policy future is what has me excited.” (Disclosure: Consensys is one of 22 investors in Decrypt.)
“Mersinger has been an amazing champion for crypto during her time at the CFTC, and now the whole industry will benefit from her leadership,” Jake Chervinsky, Variant Fund’s chief legal officer and a Blockchain Association board member, said.
Others were less enthused at perceived conflicts of interest posed by Mersinger’s rapid move from regulating crypto to boosting the industry.
“A seamless transition from government crypto cheerleader to industry crypto cheerleader,” Amanda Fischer, policy director at Open Markets and previously chief of staff to former SEC chair Gary Gensler, wrote Wednesday. “But seriously, has she been recused from any crypto matters while she was negotiating this job?”
The CFTC did not immediately respond to Decrypt’s inquiry regarding whether Mersinger has recused herself from crypto-related work in recent weeks, or will do so before her term ends at the end of this month.
Optics surrounding D.C.’s infamous “revolving door” between the public and private sectors are currently stark at the CFTC, particularly when it comes to crypto. Just as Mersigner leaves the agency for the Blockchain Association, the regulator looks poised to soon welcome a new chair, Brian Quintenz, who recently stepped down as crypto policy lead at Andreessen Horowitz—a Blockchain Association member.
Edited by Andrew Hayward
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