Trump Picks Brian Quintenz As Next CFTC Chair In Latest Move
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Brian Quintenz announced yesterday that he has been chosen to become the next Chair of the Commodity Futures Trading Commission (CFTC). US President Donald Trump has nominated him for the position, Quintenz said in a post on X. This means Caroline Pham, who has been Acting CFTC Chair since last month, will leave her current role. However, she may still stay at the CFTC as a commissioner or in another important position.
Brian Quintenz Has A Strong Background In Financial Markets And Crypto
Quintenz is not new to the CFTC. He worked as a Commissioner from 2017 to 2021 during Trump’s first time as President and for a short period under Joe Biden. In his post, he said he feels honoured to be nominated for this important job again.
Quintenz noted that the CFTC helps keep the financial markets strong and trusted around the world. He added that the agency is in a good position to make sure the US stays ahead in blockchain technology and innovation.
His experience in financial services and cryptocurrency is seen as a big advantage. Right now, he works at the well-known venture capital firm Andreessen Horowitz as the Head of Crypto Policy.
The CFTC Will Play A Big Role In Crypto Regulation Under Trump
The CFTC is expected to focus more on cryptocurrency during Trump’s second term as President. Trump has already created a group to plan new rules for crypto, including promoting stablecoins, protecting crypto ownership, and stopping the creation of a government-controlled digital currency. The CFTC will be important in enforcing these new rules once they are finalised.
Other leaders in the crypto world have reacted to Quintenz’s nomination. Ripple CEO Brad Garlinghouse said on X that the CFTC is very important for making sure the US has strong financial markets. He also congratulated Quintenz on his nomination.
Another key detail is that Quintenz is part of the board at Kalshi, a financial services company that allows people to bet on sports and political events. This has led to discussions with the CFTC about whether such contracts follow the law or if they should be banned.
In the past, the CFTC has told other companies to stop offering similar event contracts. For example, Crypto.com and Robinhood had to remove these products soon after launching them.
Quintenz’s nomination still needs approval from the Senate, but since Republicans control it, he is expected to get the position. People are now watching to see how he will shape the CFTC’s policies on crypto and event contracts.
Meanwhile, the CFTC has also spoken about the departure of Rostin Behnam, who was the Chair before Pham. A statement from the agency thanked Behnam for his years of service and leadership at the CFTC. It also wished him and his team success in the future.
