After the administration of President Donald Trump intervened to delay the confirmation of his own election to administer the Basic Products Commerce Commission, a mostly united cryptographic industry is now leaving to encourage the nominee, Brian Quintenz, sending the President a letter urging a rapid approval.
The confirmation of the former CFTC Commissioner as the new head of the regulatory agency, and probably the future leading voice in the supervision of cryptographic markets in the United States, had hindered himself in the second procedural obstacle when the White House requested the Senate Agriculture Committee to stop its vote to advance in the Quintenz nomination to a final vote of the floor.
That inexplicable movement, preceded by a vigorous opposition against his candidacy of the CEO of Gemini, Tyler Winklevos, threw a shadow on the state of Quintenz, although according to the reports, the White House retreated with a rapid public guarantee that Trump’s choice was still in favor.
Meanwhile, people familiar with the situation said Quintenz has been in direct contact with cryptographic on their support. And weeks after its confirmation, HICCUP, as the Senate continues with its summer vacation, a coalition of the largest and largest cryptographic associations, including the Crypto Council for Innovation, the Digital Chamber, the Blockchain Association and the Defi Education Fund, sent a letter to Trump on Wednesday urging its confirmation of “Fast”.
“Mr. Quintenz brings an unmatched experience and forecast to the challenges and opportunities for the regulation of digital assets, strengthened by their extensive experience of the private sector,” they wrote about Quintenz, who served as Chief of Policy for A16z Crypto after their CFTC period. “He is simply the right person at the right time to lead the CFTC,” the letter concluded.
That goes against the feelings of Winklevos, who denounced the continuous ties of Quintenz to the signing of the Kalshi prediction market and what Winklevos characterized as attempts at Quintenz to influence the CFTC on behalf of the company. Gemini’s CEO also criticized the opinions of former CFTC Commissioner on the responsibility of the software developer and his support for an increase in financing for the agency, since cryptographic tasks are acquired.
But industry experts recognize the leadership crisis that is coming in the CFTC, where the interim president Caroline Pham is the only republican member and has been talking about leaving. The only other agency commissioner, Kristin Johnson, is a Democrat who also said that he will soon come out. If Quintenz remains in a retention pattern, the regulator that can be elevated to lead cryptographic supervision could be left without commissioners.
The Trump administration did not explain its hesitation in Quintenz, nor has nominated other people to occupy the empty seats in the commission of five members.
Quintenz declined to comment on his confirmation situation.
Meanwhile, in Capitol Hill, the legislation of the Congress that the Chamber has approved and is still being negotiated in the Senate would establish the CFTC as the main regulator in the spot markets for cryptographic products, including bitcoins.
ether (Eth) and other main chips. That could raise its eventual importance beyond the stock and values commission in the field of cryptography trade, and if the bill approves Congress, the future law would be directed to the CFTC to be written in the regulations.
Read more: Gemini Tyler Winklevos says Trump CFTC Pick Quintenz has ‘disqualifying’ views
