Brian Quintenz refused to say whether he supported the maintenance of a bipartisan balance with the Commodity Futures Trading Commission during the Senate nomination hearing on Tuesday, avoiding a key question from lawmakers weighing his potential return as chairman.
Quintenz, a former commissioner of the Commodity Futures Trading Commission (CFTC) and US president Donald Trump who will lead the agency, discussed There are many questions about his potential crypto policy stance if confirmed as the new agency leader.
Senators Tina Smith of Minnesota and Raphael warned Georgia that she forced her about whether she would make recommendations to Trump in support of the existence of both Democratic and Republican commissioners at the CFTC. Quintenz avoids a direct answer, steering a conversation toward his experience.
The law requires that no more than three CFTC commissioners belong to the same political parties. Like Tuesday, only two commissioners – acting Caroline Pham and Kristin Johnson – are serving the agency, but Both are expected to leave If Quintenz is confirmed and potentially later in 2025.
Smith called Quintenz’s answer “failure.”
At the time of publication, it is unclear whether Quintenz will have ample support to the Senate for his nomination to advance through the committee and be considered throughout the room.
CFTC makeup, as one of the two significant US finance regulators, may play a major role in the administration of digital assets as Congress considers the law to establish a framework of the digital asset market structure.
Related: Empty seats can prevent CFTC’s ability to regulate crypto
Although there are many hearing questions dedicated to predicting markets and how Quintenz will discuss regulatory issues as chairman, Alabama Senator Tommy Tuberville asked the prospective commissioner about his experiences in dealing with the Debaning through his role in venture capital firm Andreessen Horowitz, where he worked after he left the CFTC after 2021.
“I know, from personal experience, with investments our firm is trying to do with small teams, and our firm can’t send them a check,” Quintenz said. “Because they can’t open a bank account because they are in the crypto industry.”
Clarity Act can change how the CFTC and SEC have organized crypto
Quintenz also said the federal agency would probably require more resources and staff if Congress passes the law which provides more authority to digital property. He weighs the Bill of the Crypto Market structure – the clarification of the gesture – Considering the House of Representative And how the CFTC can work under a plot that provides more power to adjust digital assets.
“Habang ang mga assets ng crypto at teknolohiya ng blockchain ay nagbabago at nagiging desentralisado, pinapayagan nito ang mga network na mabuo at ang proseso ng pamamahala na mailabas sa labas ng kontrol ng isang indibidwal na tao o isang nilalang o isang negosyo at maipamahagi sa isang transparent na paraan, na nagdudulot ng bago at kagiliw -giliw na mga katanungan mula sa isang pananaw sa regulasyon,” sabi ni Quintenz, na nagdaragdag:
“I believe that if Congress decides to provide authority to the CFTC to adjust the area of digital commodity markets exclusively, with clarity, I think the CFTC is more than that command and that mission.”
Quintenz’s statements Pronunciation of emotion of his ready testimony. Prospect CFTC Chair has disclosed positions in cryptocurrency and market companies, which can create conflicts of interest if he is confirmed by the Senate. He promised to resign from all positions and divests from some possession within 90 days of his confirmation.
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