After the administration of President Donald Trump intervened to delay the confirmation of his own choice to manage the Commodity Futures Trading Commission, a mainly united cryptography industry is now going out to encourage the candidate, Brian Quintenz, sending the President an exhorting letter.
The confirmation of the former CFTC commissioner as a new head of the regulatory agency – and probably the greatest voice of the supervision of the American cryptography markets – had been blocked during the second obstacle to the procedure when the White House asked the Senate Agriculture Committee to stop its vote to transmit the appointment of Quintenz to a final vote on the ground.
This unexplained decision – preceded by a vigorous opposition against his candidacy of the CEO of Gemini, Tyler Winklevoss – threw a shadow on the status of Quintenz, although the White House would have fell with rapid public insurance that the choice of Trump was still in favor.
In the meantime, people familiar with the situation said Quintenz was in direct contact with cryptographic initiates on their support. And weeks after its confirmation hiccups, while the Senate continues its summer vacation, a coalition of the most important and widest crypto associations – including the Crypto Council for Innovation, Digital Chamber, Blockchain Association and Defi Education Fund – sent a letter to Trump on Wednesday exhorting on Wednesday by exhorting its “rapid” confirmation.
“Mr. Quintenz provides unrivaled expertise and foresight to the challenges and opportunities for the regulation of digital assets, reinforced by his vast experience in the private sector,” they wrote about Quintenz, who was responsible for the A16Z policy after his CFTC. “It is simply concluded.
This goes against the feelings of Winklevoss, which has decried the current links of Quintenz with the Kalshi prediction market company and what Winklevoss called Quintenz attempts to influence the CFTC on behalf of the company. The CEO of Gemini also criticized the opinions of the former CFTC commissioner on the responsibility of software developers and his support for increased funding for the agency, while taking cryptographic tasks.
But the initiates of the industry recognize that the leadership crisis is looming at the CFTC, where the acting president, Caroline Pham, is the only republican member and has spoken of leaving. The only other commissioner of the agency, Kristin Johnson, is a democrat who also said that she was leaving soon. If Quintenz remains in a detention scheme, the regulator which is high to direct cryptographic surveillance could be left without any commissioner.
The Trump administration did not explain its hesitation to Quintenz, and it neither appointed other people to fill the empty seats of the five members’ commission.
Quintenz refused to comment on his confirmation situation.
Meanwhile, in Capitol Hill, the legislation of the congress which adopted the chamber and is still being negotiated in the Senate, the CFTC was the main regulator on the Spot markets for Crypto products – including bitcoin
ether (Eth) And other leading tokens. This could increase its possible importance beyond the Securities and Exchange Commission in the field of crypto trade, and if the bill adopts the congress, the future law would go to the CFTC to be registered in regulations.
Read more: Gemini Tyler Winklevoss says that Trump CFTC Chick Quintenz has “disqualifying” views
