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CFTC commissioner will step down to become Blockchain Association CEO

Summer Mersinger, one of four commissioners currently serving at the US financial regulatory body Commodity Futures Trading Commission (CFTC), will become the next CEO of the digital asset advocacy group the Blockchain Association (BA). 

In a May 14 notice, the Blockchain Association said its current CEO, Kristin Smith, would step down for Mersinger on May 16, allowing an interim head of the group to work until the CFTC commissioner assumes the role on June 2. Though her term at the CFTC was expected to last until April 2028, the BA said Mersinger is set to leave the agency on May 30.

The departure of Mersinger, who has served in one of the CFTC’s Republican seats since 2022, opens the way for US President Donald Trump to nominate another member to the financial regulator. Rules require that no more than three commissioners belong to the same political party. 

Like the Securities and Exchange Commission, the CFTC is one of the significant US financial regulators whose policies impact digital assets. Lawmakers in Congress are currently working to pass a market structure bill to clarify the roles each agency could take in overseeing and regulating crypto.

Related: KuCoin’s settlement with CFTC in flux after Trump policy shift

New leadership at the Blockchain Association had been expected since Smith announced her departure on April 1 to become the next president of the Solana Policy Institute. A spokesperson for the Blockchain Association had not responded to Cointelegraph’s request for comment at the time of publication.

Some of the biggest crypto firms in the US, including Coinbase, Ripple Labs and Chainlink Labs, are members of the Association. The organization “support[s] a future-forward, pro-innovation national policy and regulatory framework for the crypto economy,” according to its website.

Changing the leadership at a major US financial regulator

A nominee of former US President Joe Biden, Mersinger has called for standardized crypto-related policies and said the CFTC was the “ideal regulator for the cryptocurrency spot market.” Some expected she would lead the regulator following the election of Trump and the departure of then-CFTC Chair Rostin Behnam, but Commissioner Caroline Pham took on the role in an acting capacity in January.

Trump chose former commissioner Brian Quintenz to chair the CFTC in February, but his nomination has not moved through the Senate for a vote in roughly three months. Commissioner Christy Goldsmith Romero reportedly said she plans to leave the agency once Quintenz is confirmed, potentially giving Trump the chance to nominate three new commissioners to fill the five-seat panel.

Any CFTC commissioner picked by the president needs a majority vote in the Senate to be confirmed for a five-year term or to fill in for a resigning member.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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Reform UK’s new immigration plans would have been seen as extreme just a few years ago

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Reform UK's new immigration plans would've been extreme just a few years ago

Mass deportations. Prison camps. Quitting the Refugee Convention and the UN Convention on Torture.

A shrug of the shoulders at the idea of the UK sending asylum seekers back to places like Afghanistan or Eritrea, where they could be tortured or executed.

“I’m really sorry, but we can’t be responsible for everything that happens in the whole of the world,” says Nigel Farage.

“Who is our priority?”

The Reform UK leader has been setting out his party’s new plans to address illegal migration in an interview with The Times newspaper – a set of policies, and a use of language, which would surely have been seen as extreme just a few years ago.

Only last autumn the Reform leader repeatedly shied away from the concept of “mass deportations”, describing the idea as “a political impossibility”.

But now he’s embraced Trump-style immigration rhetoric.

More on Asylum

It’s not surprising that Reform want to capitalise on the outpouring of public anger over the use of hotels to house asylum seekers. The policy was started by the previous Conservative government, in response to housing shortages – and Labour has failed to make significant progress on its promise to stop it.

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Asylum hotel protests set to rise

But all the major parties have shifted firmly to the right on this issue.

There’s been very little political criticism of the aggressiveness of Farage’s policy suggestions, and the premise that the UK should no longer offer sanctuary to anyone who arrives here illegally.

The Tory response has been to complain that he’s just copying the ideas they didn’t quite get round to implementing before calling the general election.

“Four months late, this big reveal is just recycling many ideas the Conservatives have already announced,” said Chris Philp MP, the shadow home secretary.

“Labour’s border crisis does urgently need to be fixed with tough and radical measures, but only the Conservatives have done – and will continue to do – the detailed work to deliver a credible plan that will actually work in practice.”

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Certainly, the ambition to arrest and deport everyone who arrives in a small boat – regardless of whether or not they have legitimate grounds for asylum – has clear echoes of the Tories’ Rwanda policy.

Despite spending £700m on the controversial idea, only four volunteers were ever sent to Kigali before it was cancelled by Sir Keir Starmer, who branded it a gimmick.

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Reform putting ‘wheels in motion’ for migrant hotel legal challenges

Labour have suggested they’ve diverted Home Office resources that were freed up by that decision into processing asylum claims more quickly and increasing deportations.

They’re hoping tougher action against the criminal gangs and the new “one in one out” deal with France will help deter the number of people crossing the Channel in small boats in the first place, currently at record levels.

But rather than offering any defence of the principle of offering asylum to genuine refugees – Labour’s Angela Eagle MP, the border security minister, has also focused on the feasibility of Farage’s policies.

“Nigel Farage is simply plucking numbers out of the air, another pie in the sky policy from a party that will say anything for a headline,” she said.

“We are getting a grip of the broken asylum system. Making sure those with no right to be here are removed or deported.”

Even the Liberal Democrats have taken a similar approach.

“This plan sums up Nigel Farage perfectly, as like him it doesn’t offer any real solutions,” they said.

“Whilst Farage continues to stoke division, we Liberal Democrats are more interested in delivering for our local communities.”

It’s been left to the Refugee Council to defend the principle of asylum.

“After the horrors of the Second World War, Britain and its allies committed to protecting those fleeing persecution,” said CEO Enver Solomon.

“The Refugee Convention was our collective vow of ‘never again’ – a legal framework ensuring that people who come to our country seeking safety get a fair chance to apply for asylum.

“That commitment remains vital today. Whether escaping conflict in Sudan or repression under regimes like the Taliban, people still need protection.

“Most find refuge in neighbouring countries. But some will seek sanctuary in Europe, including Britain.

“We can meet this challenge by upholding a fair, managed system that determines who qualifies for protection and who does not.”

But with Reform leading in the polls, and protests outside hotels across the country – politicians of all stripes are under pressure to respond to public frustration over the issue.

A recent YouGov poll found half of voters now believe immigration over the last ten years has been mostly bad for the country – double the figure just three years ago.

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While the government has made some progress in reducing the cost of asylum hotels – down from £8.3m a day in 2023/4 to £5.77m a day in 2024/5 – the overall numbers accommodated in this way have gone up by 8% since Labour took charge, thanks to the surge in new claims.

Sir Keir has previously said he won’t make a promise he can’t keep.

But current efforts to end the use of asylum hotels by 2029 are clearly not working.

That’s a credibility gap Farage is more than ready to exploit.

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Labour may have walked into political trap over housing asylum seekers in hotels

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Labour may have walked into political trap over housing asylum seekers in hotels

Has the government just walked into a giant political elephant trap by attempting to reverse the Epping hotel ruling?

Already on the back foot after a judge ordered the Bell Hotel to be emptied of asylum seekers, the Home Office is now being attacked for trying to appeal that decision.

“The government isn’t listening to the public or to the courts,” said Tory shadow home secretary Chris Philp.

The politics is certainly difficult.

Government sources are alive to that fact, even accusing the Tory-led Epping Council of “playing politics” by launching the legal challenge in the first place.

The fact Labour councils are now also considering claims undermines that somewhat.

After all, the party did promise to shut every asylum hotel by the next election.

More on Asylum

Figures out this week showed an increase in the number of migrants in hotels since the Tories left office.

And now, an attempt to keep people in a hotel that’s become a flashpoint for anger.

That’s why ministers are trying to emphasise that closing the Bell Hotel is a matter of when, not if.

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What do migration statistics tell us?

“We’ve made a commitment that we will close all of the asylum hotels by the end of this parliament, but we need to do that in a managed and ordered way”, said the security minister Dan Jarvis.

The immediate problem for the Home Office is the same one that caused hotels to be used in the first place.

There are vanishingly few accommodation options.

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Asylum hotel closures ‘must be done in ordered way

Labour has moved away from using old military sites.

That’s despite one RAF base in Essex – which Sir Keir Starmer had promised to close – seeing an increase in the number of migrants being housed.

Back in June, the immigration minister told MPs that medium-sized sites like disused tower blocks, old teacher training colleges or redundant student accommodation could all be used.

Until 2023, regular residential accommodation was relied on.

Read more from Sky News:
Rise in migrants staying in hotels
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But getting hold of more flats and houses could be practically and politically difficult, given shortages of homes and long council waiting lists.

All of this is why previous legal challenges made by councils have ultimately failed.

The government has a legal duty to house asylum seekers at risk of destitution, so judges have tended to decide that blocking off the hotel option runs the risk of causing ministers to act unlawfully.

So to return to the previous question.

Yes, the government may well have walked into a political trap here.

But it probably had no choice.

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Brazil’s crypto tax grab signals the end of an era

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Brazil’s crypto tax grab signals the end of an era

Brazil’s crypto tax grab signals the end of an era

Brazil’s 17.5% crypto tax signals a global shift as governments eye digital assets for revenue, ending the era of tax-friendly crypto investing worldwide.

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