Brian Quintenz, the candidate of American president Donald Trump to chair the Commodity Futures Trading Commission (CFTC), said that blockchain is a fundamental technology about to transform much more than finance.
In remarks prepared before its confirmation audience of the Senate shared with Cintelegraph, Quintenz underlined the long-term impact of blockchain and cryptocurrencies. “I consider blockchain as a horizontal technology that has the potential to reach all aspects of society,” he said.
Quintenz, who was recently the head of the global policy of A16z Crypto (the arm of digital assets of Andreessen Horowitz), also mentioned the importance of a complete regulatory framework for cryptographic markets.
He said his global experience engaging with regulators and government representatives had given him a clear vision of what has and did not work in the development of cryptographic regulatory frameworks, ideas he plans to bring to the United States.
“While the Congress considers a new regulatory authority on the cash market in the cryptographic asset markets, I am fully ready to benefit from this experience to the members of this committee and to the Congress as a whole,” he said.
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Quintenz undertakes to prevent bad actors from going out
Quintenz did not mock the words on the dangers of low surveillance. He warned that allowing the bad players and fraudsters to operate without control would erode the management of the United States in the innovation of the blockchain.
He also underlined the need for a complete regulatory framework which clearly defines the classifications of tokens and awards surveillance responsibilities for the crypto trade markets, arguing that such a clarity is essential to protect users and promote continuous innovation.
Beyond the crypto, Quintenz is committed to maintaining the role of the CFTC as a world leader in market innovation and monitoring. He underlined his previous service as a CFTC commissioner, where he was unanimously confirmed in 2017, and reiterated his commitment to risk -based regulations, national and international harmonization and solid customer protection.
He reaffirmed his support for the statutory mandate of the CFTC to promote responsible innovation. “The CEA principles based on the regulation and the self-certification framework has created a market that continues to prosper with integrity,” he noted.
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CFTC faces a leadership vacuum
The hearing of the Quintenz Senate intervenes while legislators push to give the CFTC more power over the crypto through the Clarity Act, which would create a “digital goods” category and give the agency large powers to regulate the crypto.
However, concerns are looking at the question of whether the agency has the capacity of leadership to take up this challenge, because a commissioner seat does not remain fulfilled and that several others are preparing to go out.
Last week, two of the other CFTC commissioners, a republican summer summer and democrat Christy Goldsmith Romero, left the committee. The remaining republican commissioner, Caroline Pham, also said that she would leave if and when Quintenz was sworn in.
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