Brian Quintenz, US President Donald Trumpโs nominee to chair the Commodity Futures Trading Commission (CFTC), has said that blockchain is a foundational technology poised to transform much more than just finance.
In prepared remarks ahead of his Senate confirmation hearing shared with Cointelegraph, Quintenz pointed out the long-term impact of blockchain and cryptocurrencies. โI view blockchain as a horizontal technology that has the potential to touch every aspect of society,โ he said.
Quintenz, who most recently served as the global head of policy at a16z Crypto (Andreessen Horowitzโs digital asset arm), also mentioned the importance of a comprehensive regulatory framework for crypto markets.
He said his global experience engaging with regulators and government officials has given him a clear view of what has and hasnโt worked in crafting crypto regulatory frameworks, insights he plans to bring to US policymaking.
โAs Congress considers new spot market regulatory authority over the crypto asset markets, I am fully prepared to provide the benefit of this experience to the members of this committee and to Congress as a whole,โ he stated.
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Quintenz pledges to keep bad actors out
Quintenz didnโt mince words on the dangers of weak oversight. He warned that allowing bad actors and fraudsters to operate unchecked would erode the United Statesโ leadership in blockchain innovation.
He also emphasized the need for a comprehensive regulatory framework that clearly defines token classifications and assigns oversight responsibilities for crypto trading markets, arguing that such clarity is essential to protect users and foster continued innovation.
Beyond crypto, Quintenz pledged to maintain the CFTCโs role as a global leader in market innovation and oversight. He pointed to his prior service as a CFTC Commissioner, where he was confirmed unanimously in 2017, and reiterated his commitment to risk-based regulation, domestic and international harmonization, and robust customer protection.
He reaffirmed his support for the CFTCโs statutory mandate to promote responsible innovation. โThe CEAโs principles-based approach to regulation and self-certification framework has created a marketplace that continues to thrive with integrity,โ he noted.
Related: CFTC exodus: Fourth commissioner to depart ‘later this year’
CFTC faces leadership void
Quintenzโs Senate hearing comes as lawmakers push to give the CFTC more power over crypto through the Clarity Act, which would create a โdigital commodityโ category and give the agency broad powers to regulate crypto.
However, concerns are growing over whether the agency has the leadership capacity to meet that challenge, as one commissioner seat remains unfilled and several others prepare to exit.
Last week, two of the remaining four CFTC commissioners, Republican Summer Mersinger and Democrat Goldsmith Romero, departed the commission. The remaining Republican Commissioner, Caroline Pham, has also stated that she will leave if and when Quintenz is sworn in.ย
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