The United States Public Future Trade Commission is about to fall to a single commissioner when Democrat Kristin Johnson leaves the agency next week, and the only other person waiting on the wings to join the regulator is the president of President of President Donald Trump, Brian Quintenz.
As of September 3, the commission of five members will fall to one, because that is when Johnson will leave, he said in a Tuesday’s ad.
“By advancing in an agenda in the name of growth, it is essential not to dismantle the fundamental resilience that supports financial stability and protects the broader economy,” he said in a farewell statement that encourages the agency to follow the foundations as new technologies are on board.
Only at the commissioner level will be the interim president Caroline Pham, a cryptography defender that Trump designated to direct the agency while looking for a permanent president. Trump’s election was finally the former commissioner Brian Quintenz, who has worked as Chief of Policies in A16Z and for the signing of the Kalshi prediction market. But the White House delayed the Quintenz confirmation process, leaving it in some uncertainty as the Senate returns from its summer break next week.
The candidate has openly opposed Tyler Winklevos, the CEO of Crypto Exchange Gemini and one of Trump’s favorite cryptographic experts, but much of the industry recently requested Trump to accelerate Quintenz towards a confirmation.
The CFTC is the regulator of the US derivative markets . The agency has already been an important player in the cryptographic supervision of the United States, after promoting a series of great application actions and directed discussions on how to incorporate the innovations of the cryptographic sector in the markets of mass basic products.
If Quintenz replaces Pham at the top of the agency, he said he intends to leave and return to the private sector.
That will mean that Quintenz would lead the Commission Solo, four short members, and Trump so far has not shown signs of nominating others. The president’s administration has been characterized by a campaign to separate the Democrats from the regulatory commissions, abandoning the tradition and legal mandate of having both parties involved in decisions in federal agencies. Quintenz has said that he will advance with any choice that Trump does.
Although some have argued that letting a commission of five people fall to one could make it vulnerable to the legal challenges about their policy movements, there is nothing specific in the law that prohibits the regulator to continue on that basis. It could decide the review of the new rules to a single office instead of five, but the work of writing the possible cryptographic regulations could already be hindered by the important cuts of the personnel observed since the Trump administration began to reduce the federal workforce.
Read more: While CFTC expects the new president, the interim boss Pham is launched in Crypto
