After President Donald Trump’s administration stepped in to delay the confirmation of his own choice to run Commodity Futures Trading Commission, a mostly United Crypto industry is now pulling out to cheer on the nominated Brian Quintenz and sends the president a letter calling for a quick approval.
The confirmation of the former CFTC Commissioner as the Regulatory Agency’s new head and probably future leading voice in supervising the US crypto markets was stepped up at the second to the last procedural obstacle when the White House asked the Senate Agricultural Committee to stop its vote to advance Quintenz’s nomination to a final floor voting.
The inexplicable step – prior to a strong opposition to his candidacy from Gemini -CEO Tyler Winklevoss – threw a shadow over Quintenz’s status, although the White House was reportedly tied back with a quick public insurance that Trump’s election was still in favor.
Meanwhile, people who are familiar with the situation Quintenz have been in direct contact with cryptoinsiders about their support. And weeks after his confirmation hiccup as the Senate continues its summer vacation, a coalition of the largest and broadest reached crypto association-Inclusive Crypto Council for Innovation, Digital Chamber, Blockchain Association and Defi Education Fund-a letter to Trump on Wednesday, calling for his “quick” confirmation.
“Mr. Quintenz brings unmatched expertise and foresight to the challenges and opportunities for digital asset regulation, strengthened by his extensive private sector experience,” they wrote about Quintenz, who served as head of A16z Crypto Politics after his CFTCStint. “He is, quite simply, the right person at the right time to lead CFTC,” the letter concluded.
It contradicts the emotions of Winklevoss that decorated Quintenz’s ongoing ties to the prediction market company Kalshi, and what Winklevoss characterized as trials from Quintenz to influence CFTC on behalf of the company. Gemini -Manager Director also criticized the former CFTC Commissioner’s view of software developer responsibility and his support for increased financing for the agency as it takes crypto assignments.
But the industry’s insiders recognize the leadership crisis threateningly at CFTC, where acting chairman Caroline Pham is the only Republican member and has talked about leaving. The agency’s only other commissioner, Kristin Johnson, is a Democrat who has also said she will be leaving soon. If Quintenz remains in a holding pattern, the regulator, which stands to be raised to lead crypto supervision, may be left without commissioners.
The Trump administration did not explain its hesitation on Quintenz, nor has it nominated any other people to fill the empty seats in the five-member commission.
Quintenz refused to comment on his verification situation.
Meanwhile at Capitol Hill would congress law that has adopted parliament and still negotiated in the Senate
ether (Eth) And other leading tokens. It could raise its significance beyond the Securities and Exchange Commission in the Crypto Trade area, and if the bill adopts Congress, the future law would go to CFTC to be written in regulations.
Read more: Geminis Tyler Winklevoss says Trump CFTC Pick Quintenz has ‘disqualification’
