Trump CFTC pick Brian Quintenz says blockchain will reshape industries beyond finance and urges clear crypto rules to keep the U.S. competitive.
Brian Quintenz, the nominee of Trump CFTC, has stated that blockchain is a fundamental technology capable of revolutionizing a broader range of industries than just finance.
Quintenz emphasized the long-term implications of blockchain and cryptocurrencies in his prepared remarks, which were shared with Cointelegraph before his Senate confirmation hearing.
“I perceive blockchain as a horizontal technology that can influence every facet of society,” he stated.
Quintenz, who most recently held the position of global policy director at a16z Crypto (Andreessen Horowitz’s digital asset arm), also underscored the significance of a comprehensive regulatory framework for crypto markets.
He stated that his global experience interacting with regulators and government officials has given him a clear understanding of the successes and failures of developing crypto regulatory frameworks.
He intends to apply these insights to the policymaking process in the United States.
“I am fully prepared to offer the members of this committee and Congress as a whole the advantages of my experience as Congress considers new spot market regulatory authority over the crypto asset markets,” he stated.
Quintenz Guarantees That Undesirable Actors Will Be Excluded
Quintenz did not mince words regarding the perils of inadequate supervision.
He cautioned that the United States’ primacy in blockchain innovation would be undermined if bad actors and fraudsters were permitted to operate without consequence.
He also underscored the necessity of a comprehensive regulatory framework that clearly defines token classifications and allocates oversight responsibilities for crypto trading markets.
He contended that such clarity is essential to protect users and promote ongoing innovation.
Quintenz is committed to preserving the CFTC’s status as a global leader in market innovation and governance, in addition to crypto.
He emphasized his dedication to risk-based regulation, domestic and international harmonization, and comprehensive customer protection, referencing his prior service as a CFTC Commissioner, where he was unanimously confirmed in 2017.
He reiterated his endorsement of the Trump CFTC’s statutory obligation to advance responsible innovation.
“The CEA’s self-certification framework and principles-based approach to regulation have established a marketplace that thrives with integrity,” he observed.
Trump CFTC Is Currently Experiencing Leadership Vacuum
The Clarity Act, which would establish a “digital commodity” category and grant the Trump CFTC comprehensive regulatory authority over crypto, is the impetus behind Quintenz’s Senate hearing.
Nevertheless, there are mounting apprehensions regarding the agency’s ability to address this challenge, as one commissioner position remains vacant and several others are preparing to retire.
Two of the four remaining CFTC commissioners, Republican Summer Mersinger and Democrat Goldsmith Romero resigned from the commission last week.
Caroline Pham, the sole Republican Commissioner, has also declared that she will resign upon Quintenz’s inauguration.
