Brian Quintenz declined to say whether he supports maintaining the bipartisan balance of the Commodity Futures Trading Commission at Tuesday’s Senate nomination hearing, avoiding the key issue for lawmakers to weigh his potential returns as chairman.
Quintenz, former commissioner of the Commodity Futures Trade Commission (CFTC) and U.S. President Donald Trump, serves as chairman of the agency, solve If identified as the new head of the agency, he has several questions about his potential policy stance on cryptocurrencies.
Senators Tina Smith of Minnesota and Raphael Warnock of Georgia urged him whether he would make suggestions to Trump in support of serving as a Democratic and Republican commissioner at the CFTC. Quintendz avoids direct answers and turns the conversation to his experience.
The law requires no more than three CFTC members to belong to the same political party. As of Tuesday, there were only two commissioners – Acting Chairman Caroline Pham and Kristin Johnson, who served at the agency, but Both should leave If Quintenz is to be confirmed, and it is possible to confirm it later in 2025.
Smith called Quintenz’s answer “disappointing”.
At the time of publication, it was unclear whether Quintendz would receive enough support in the Senate so that his nomination would be promoted through the committee and be considered throughout the chamber.
As one of two important financial regulators in the United States, the composition of the CFTC may play an important role in overseeing digital assets, as Congress believes legislation is legislated to establish a structural framework for the digital asset market.
Related: Empty seats may hinder CFTC’s ability to regulate cryptocurrencies
While many of the questions at the hearing focused on the forecast market and how Quintenz handles regulatory issues as chairman, Alabama Senator Tommy Tuberville asked potential commissioners about his experiences with Debanks in his role as Venture Capital company Andreessen Horowitz, who worked after leaving the CFTC in 2021.
“From personal experience, I know the investments our company is trying to make in small teams and our company can’t even give them checks,” Quintenz said. “Because they can’t open a bank account because they are in the cryptocurrency industry.”
Clarity Act can change the encryption method of CFTC and SEC
Quintendz also said federal agencies may need more resources and staff if Congress passes legislation to give it greater power over digital assets. He weighed the Crypto Market Structure Act – Clarity Act – Considered in the House of Representatives And how the CFTC operates under a framework that gives it greater power to regulate digital assets.
“As crypto assets and blockchain technology evolve and become decentralized, it allows the network to form and to release the governance process outside the control of an individual or entity or enterprise and distribute it in a transparent manner, raising new and interesting questions from a regulatory perspective,” Quintenz said.
“I do believe that if Congress decides to grant the CFTC the power to fully regulate the spot digital commodity market, then I think the CFTC is more than just that mission and that mission.”
Quintenz’s comments Respond to emotions The testimony he prepared. Potential CFTC chairpersons have Jobs disclosed in cryptocurrency Marketing companies, if the Senate confirms him, this could create a conflict of interest. He promised to resign from all positions within 90 days of confirmation and withdraw from certain assets.
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