- During an audience of the senatorial committee on Tuesday, the CFTC president Brian Quintenz suggested a technological approach to regulate the crypto.
- Quintenz, Trump’s choice for the president of the CFTC, shared that the bill on the cryptography market will be ingenious to maintain consumer protection.
- He noted that Crypto’s exchanges will probably still be the rules of Fincen to guarantee the conformity of the LMA.
Brian Quintenz, the choice of President Donald Trump for the President of the Commodity Futures Trading Commission (CFTC), said on Tuesday at a appointment hearing that he would focus on a technological approach to cryptographic regulations under his administration.
Brian Quintenz surveyed on the regulation of the cryptography market during the hearing on the appointment
During a hearing on the appointment to members of the Senate of Agriculture Committee, President Trump CFTC’s candidate Brian Quintenz said the CFTC would adopt a technological approach to cryptocurrency regulations if the congress grants the supervisory authority.
He stressed that the CFTC has the technological capacity and the regulatory experience necessary to effectively supervise the digital asset market.
Senator Ben Luján wondered on his plans to combat anti-whiteness violations (LMA) linked to cryptocurrency, citing that the Ministry of Justice (DOJ) recently fell from the application. Quintenz said that crypto providers would probably be subject to the laws on the financial network of crimes (Fincen), which are currently regulating other financial entities.
Asked about a bill on the structure of the cryptographic market, Quintenz shared that he considered legislation as a means of combining the protection of customers with innovation.
“I have always considered market structure legislation as an opportunity to be both pro-client protection and pro-innovation,” said Quintenz.
Quintenz also answered questions on the prediction markets, drawing from his experience as a member of the board of directors in Kalshi. He defended event contracts as legitimate financial instruments, describing them as effective tools for the coverage of real risks.
“I believe that the law on the exchange of goods is very clear on the objective of the derivative markets, the aim of risk management and prices discovery, and that events can fulfill a function in this mandate,” he said.
Before accepting the presidential appointment as president of the CFTC, Quintenz worked as a global policy chief of A16Z Crypto, where he collaborated with several cryptocurrency startups.
He told the hearing that this could be the most exciting moment to lead as president of the agency, considering the greater change towards cryptographic regulations. Quintenz also worked as a CFTC commissioner from 2017 to 2021 and was a defender of innovation.
If he is approved by the Committee, he will carry out a full vote of the Senate before being inaugurated as a new president of the CFTC by President Trump.
