President Donald Trump’s election to be president of the US commodity watchdog, Brian Quintenz, fielded Krypto questions more than any other topic on his Senate confirmation consultation on Tuesday, and he assured the legislators that the agency can go into intermediate between uninhibited innovation and robust consumer protection measures.
Even when Quintenz is waiting for the Senate Agricultural Committee’s vote on whether to promote his nomination as chairman of the Commodity Futures Trading Commission, Congress is working on market structure legislation that can raise this agency as a marker regulator of US crypto activity. Quintenz, a former CFTC Commissioner, is no foreign to this sector, after serving as a venture capital company A16Z’s head of police.
“I have always considered the market structure legislation as an opportunity to be both pro-customers’ protection and pro-innovation at the same time,” he said the senators weighing his nomination, which must ultimately be approved by the total Senate before he can take over the commission. He said the bill could “give the clarity of buildings, entrepreneurs, innovators to develop products” and at the same time ensure that the regulated companies protect users of these products.
“Congress should create an appropriate market -regulating regime to ensure that the full promise of this technology can be realized, and I am fully prepared to use my experience and expertise to help with this effort, as well as to carry out any extended mission if the legislation goes into law,” said Quintenz, adding that he is willing to work under this technology. “
Quintenz would join a commission abandoned by commissioners. At the statute, CFTC has five members – with three from the party party – but members are back or are in the process of leaving, including acting chairman Caroline Pham, who said she is traveling when Quintenz starts working. The lonely Democrat Kristen Johnson said she will travel “later in the year” and leave some uncertainty about her timing. So Quintenz can serve from a single Democrat before he eventually works alone for a while, leaving potential legal vulnerability to any one -sided policy.
Some of the Democratic Senators noticed that Trump administration has systematically removed regulatory commissions for their democratic members – described by Senator Raphael Warnock as “political cleansings” – and asked Quintenz if he would encourage the White House to fill both sides of the guard schedule.
“The president is the leader of the exercise and the president will make his own decisions. Quintenz said. He later added,” I don’t tell the president what to do. “
He admitted that the agency may need more funding if it is awarded the monumental new task, as the regulator of digital raw materials mock markets which would include transactions of Bitcoin
. Quintenz said new staff would become more effective by “a technology-first approach” that makes employees more efficient.
Quintenz Field also a number of questions in the prediction markets, another area he has had direct experience with as a board member of Kalshi, who fought for a legal battle with CFTC on the regulation of event contracts. He defended such event contracts as an appropriate “covering tool.”
“I think [contracts] Can earn a function in this mandate, ”he said.
Read more: Trump to press the former CFTC Commissioner, A16Z Policy Head Brian Quintenz to CFTC Head
