Donald Trump’s nominee to lead the Commodity Futures Trading Commission has revealed a large portfolio of financial interests. His disclosure outlines several ties to crypto-focused firms and major investment entities.
He will resign from all offices which would lead to conflicts of interest before accepting the job. He is a shareholder in, and holds options and interests in, several companies. Some of them are KalshiEx, Next Level Derivatives, and AH Capital Management. He pledged to divest or relinquish all related interests.
He also promised not to participate in matters involving those companies unless he receives waivers. His involvement with crypto is deep-seated. He resigned from the Crypto Council for Innovation relatively recently. His background is filled with stints with investment companies with exposure to crypto.
CFTC Nominee submits formal Ethics plan
The CFTC candidate made a strong point that he would not gain anything personally from such relationships during his tenure. He also included the trusts of his family in his disclosures. He declared he would not accept any trustee fees. He vowed to keep himself away from any matters before the CFTC that would be beneficial for those trusts.
The appointee filed a formal ethics plan. It includes an asset divestiture timeline as well as how he would pursue approval for new investments. He pledged to comply with all rules regarding conflicts of interest. If there is an issue, he would seek advice from ethics officials before acting.
He will strictly comply with U.S. laws for ethical conduct. He vowed not to re-invest divested assets without the approval of the government. His deal will be made available over an open website by federal regulations. He requested to hold no financial interest in businesses connected with his previous positions.
Pledge to avoid conflicts of Interest
He also agreed not to associate himself with any issue relating to them for a specific period. For most of them, it is at least one year, and for others, it is up to two. His financial relationships extend across venture capital, prediction markets, and cryptocurrency companies.
His actions will include stepping down from boards, giving up unvested shares, and cashing out vested shares. He indicated he would move quickly following Senate confirmation.
In laying out the steps, the nominee was hoping to demonstrate his commitment to upholding ethical standards. His disclosures provide a glimpse into the intersection of financial interests with the highest-ranking regulatory positions. His plans now will be under review as a condition of confirmation.
