Name: What's going on with Bitcoin's price?
Uploaded: 2025-05-23T22:46:31.000Z
Duration: 7 min 22 s
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Conference in Manhattan is CFTC Commissioner Summer Mersinger.

Future continuous

She's actually going to be leaving in eight days to become the CEO of the Blockchain Association.

That's a non-profit dedicated to promoting a pro-innovation policy environment for digital assets.

You know, certainly the movement in the stablecoin legislation on the Senate, I think, has kind of invigorated the markets a bit.

And it's an exciting time for the industry.

And certainly that's definitely driving the price of Bitcoin.

You're leaving the commission soon, the Commodities Futures Trading Commission.

This comes after the announcement yesterday that Christian Johnson, another commissioner, said she was leaving her post.

I don't think this was anyone's intention, but it's just kind of falling in line where we're all leaving around the same time.

Certainly we have different opportunities come to our door when we least expect it.

So while it's kind of unfortunate that we're all going out at the same time, we came in at the same time, so it maybe feels a little fitting.

But I do think we've got great leadership coming into the agency.

We've got great leadership under existing acting chairman Caroline Pham, and incoming chairman Brian Quintenz is going to do a great job at the agency, and it'll be in good hands once he's confirmed.

What do you think is going to be among his first steps in, of course, the crypto space?

The CFTC deals with all kinds of commodities, but with crypto, where do you think regulation is going?

Yeah, there's a lot of clarity that we can provide at the agency.

Obviously, we're all anticipating a market structure bill coming out of Congress, but in the meantime, there's a lot we could be doing at the CFTC.

I think that incoming chairman Quintenz will spend some time having some listening sessions.

We've had some requests for comments out there on perps, on 24-7 trading.

Those requests for comments will be ripe when he arrives, and so he'll be able to hold roundtables and public discussions and really learn more about where the markets are headed.

The great thing about CFTC is we don't tell the markets where to go, we follow the markets.

And this is a great opportunity for him to see where we're headed, where crypto is headed, and how our regulations can respond.

Summer, listen, it's hard sometimes to get timing right.

Our timing with you right now is unbelievable.

Bitcoin just hit a brand new high of $111,999.

I mean, this thing is on the move, definitely.

So it's got to have a lot to do with the fact that there might be more clarity when it comes to, obviously, regulation.

Gary Gensler, the previous SEC head, he was very, very stern when it came to all things cryptocurrency.

He was with the SEC and he held the reins.

Which side of this is going to hold more control over crypto regulation, the CFTC or the SEC?

It's kind of the question that everybody's asking.

And I think the most important piece that you have to realize is, you know, over 80% of the market value for cryptocurrencies are their crypto commodities.

So I think at the end of the day, the CFTC, the jurisdiction really doesn't actually fall within the CFTC.

I think there are kind of two factors that play an important role here when looking at who's best suited to regulate this market.

We have anti-fraud and anti-manipulation enforcement authority over spot crypto commodity markets.

So we are already monitoring these markets.

And that makes us uniquely qualified to take over jurisdiction.

So I think, you know, the fact of the matter is most of these are, you know, most of these cryptocurrencies are commodities and they really do fit within the CFTC's jurisdiction.

You know, aside from crypto, you have been a big proponent of the prediction markets and approving at least one of them.

And prediction markets, of course, let you bet on all kinds of things like who's going to be the Democratic presidential candidate or the Republican presidential candidate next time around.

And was there nothing that concerned you about people betting on all kinds of things?

I mean, right now we're looking at the political part of the website, but I'm looking at the cultural part.

And it says, who will win the Nobel Peace Prize?

The Oscars are far away, but those kinds of things.

And I think that's an important kind of starting point is that, you know, they are allowed under the statute.

They have been in existence under the CFTC's remit for decades.

So it's while they seem new, mostly because they're taking off and you're seeing more interest.

And they certainly have been regulated space for quite a while.

A lot of information can come from a market.

And I think that's why you're seeing so much interest in these contract markets, in the participation.

You know, I think what has happened and which is what is unfortunate is the CFTC has missed some opportunities to provide some clarity here.

There's still a lot of questions about what is and what is not allowed under the prediction markets.

And we missed that opportunity to provide some clarity.

And I do think that the incoming chairman will have to spend some time deciding how to best kind of break up, you know, how to decide what is OK and what shouldn't be on these platforms.

Really quick, because we've got to run, but Polly Market was a rival of Kaoshi.

Do you foresee that happening in the next year?

You know, I'm not sure if they have an active, you know, application.

But we're seeing a lot of new people in the CFTC applying and coming into our space.

So, I certainly wouldn't be surprised if that was the case.

But, you know, they'll go through the same application process that Kaoshi went through.

And the commission will do the due diligence it needs to do to make sure that there are the appropriate customer protections when those markets come live into the United States.

Summer Mersinger, good luck with your next job.

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What's going on with Bitcoin's price?

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