President Donald Trump’s choice to become chairman of US Commodities guardians, Brian Quintenz, asks crypto questions than any other subject to him Hearing confirmation in the Senate On Tuesday, and he assured lawmakers that the agency could walk in a middle ground between the unmistakable change and stable consumer care.
Although Quintenz is waiting for the Senate Agriculture Committee’s vote to advance his nomination as chairman of the Commodity Futures Trading Commission, Congress is Employed by market structure law That could raise the agency as the Marquee regulator of US crypto activity. Quintenz, a former CFTC commissioner, was not a stranger to that sector, who served as head of venture capital firm A16Z policy.
“I have always viewed the law of the market structure as an opportunity to be the protection of pro-customer and pro-innovation at the same time,” he told senators weighing his nomination, which would ultimately need to be approved by the General Senate before he could get the commission. He said the bill could “provide clarity to buildings, entrepreneurs, constitutes to produce products” while also ensuring regulated companies appropriately protect users of those products.
“Congress should create an appropriate regulation of the market regulation to ensure that the whole promise of this technology can be carried out, and I am fully ready to use my experience and expertise to help with that effort as well as implement any expanded mission must pass the law,” Quintenz said, who wants to work under the CFTC’s goals “to provide this technology.
Quintenz will join a commission that Commissioners abandoned. By law, the CFTC has five members – with three from the party in power – but members have left or in the process of removal, along with acting chairman Caroline Pham, who He’s leaving When Quintenz started. Unified Democrat Kristen Johnson, said he would leave “later this year,” left some uncertainty about his timing. So Quintenz can serve opposite a single democrat before eventually working alone at one time, leaving a potential legal weakness for any unilateral policy.
Some of the democratic senators noted that the Trump administration systematically stripped the commissions in the regulation of their democratic members – described by Senator Raphael Barnock as “political purges” – and asked Quintenz if he would encourage the White House to fill both sides of the roster.
“The President is the leader of the executive, and the President will make his own decisions. Quintenz said. He later added,” I did not tell the President what to do. “
He granted that the agency could require more funds if it was assigned a massive new task as regulator of digital commodities spot market, which would include bitcoin transactions
. Quintenz said new staff will make it better by “a technology-first approach” that makes employees better.
Quintenz also gained many questions in the prophecy markets, another place he had direct experience with a member of the Malashi Board, who fought in a legal CFTC battle with the regulation of event contracts. He defended such contracts in the event as an appropriate “healing tool.”
“I believe the Commodity Exchange Act is very clear about the purpose of the derivatives markets, the purpose of risk management and price detection, and events (contracts) can deliver a function to that mandate,” he said.
Read more: Trump to tap former CFTC commissioner, A16Z policy policy Brian Quintenz for CFTC Head
