US President Donald Trump nominated Brian Quintenz to lead the CFTC (Commodity Futures Trading Commission). Quintenz announced his acceptance of the nomination through the Web3 social media platform, Farcaster.
This move is an evidence of a potential shift in the approach of CFTC to cryptocurrency regulation.
Quintenz is currently the head of policy for a Web3 venture firm, a16z Crypto. He made his announcement last February 12. His acceptance on a platform hosted on Ethereum and used predominantly by the Web3 community, Farcaster, underscores the changing attitude of US financial regulators towards blockchain as well as decentralized finance of DeFi.
When US financial regulators, including the CFTC, pursued over 100 lawsuits against crypto firms for different legal infractions, this development contrasts with the previous stance of the administration under President Joe Biden. People see Quintenz’s nomination as a positive sign for the blockchain industry, as he has expressed a vision for the United States to lead in blockchain technology and innovation.
People also shared Quintenz’s nomination on the X social media platform. They know him for his previous role as a Republican commissioner at the CFTC from August 2017 to September 2021. He joined the board of Kalshi in 2021. It is a crypto-friendly prediction market that had contested the decision of CFTC under the Biden administration.
The Senate will require Quintenz to attend a hearing and secure approval by a vote before finalizing his appointment. He will succeed Rostin Behnam as the chair of the CFTC if confirmed.
In December, Trump nominated former commissioner Paul Atkins to chair the SEC. This indicates a wider reshaping of financial regulatory leadership.
