The election of President Donald Trump to be president of the Guardian Dog of the Basic Products, Brian Quintenz, sent cryptographic questions more than any other issue at his Senate Confirmation Hearing on Tuesday, and assured the legislators that the agency can walk a midpoint between innovation without taking into account and the robust protection of consumers.
Although Quintenz awaits the vote of the Senate Agriculture Committee on whether its nomination will advance as president of the Basic Products Commerce Commission, the Congress is working on the market structure legislation that could raise that agency as the marquee regulator of the crypto activity of the United States. Quintenz, a former CFTC commissioner, is no stranger to that sector, since he has served as Chief of Policy of the Risk Capital A16z.
“I have always seen the legislation of the market structure as an opportunity to be pro-client protection and pro-initiation at the same time,” he told the senators to weigh their nomination, which must finally be approved by the General Senate before he can take care of the commission. He said that the bill could “provide clarity to buildings, entrepreneurs, innovators to develop products” while ensuring that regulated companies properly protect users of these products.
“The Congress must create an appropriate regulatory regime to ensure that the complete promise of this technology can be carried out, and I am fully prepared to use my experience and experience to help in that effort so well in the execution of any expanded mission if the legislation is transmitted to the law,” said Quintenz, and added that he is willing to work under the current powers of the CFTC “to provide clarity of how the agencies of the state agency State statues of successfully levergente leaders of hareza that led to this successful hare place.
Quintenz would join a commission that is being abandoned by the commissioners. By statute, the CFTC has five members, with three of the party in power, but the members have left or are in the process of leaving, including the interim president Caroline Pham, who said he leaves when Quintenz begins to work. The lonely Democrat, Kristen Johnson, said he will start “later this year”, leaving some uncertainty about her moment. Therefore, Quintenz can serve in front of a single Democrat before working only for a while, leaving a possible legal vulnerability for any unilateral policy.
Some of the Democratic senators noticed that the Trump administration has been systematically eliminating the regulatory commissions of its Democratic members, described by Senator Raphael Warnock as “political purges”, and asked Quintenz if he encourages the White House to fill both sides of the list.
“The president is the chief of the Executive, and the president will make his own decisions. Quintenz said. He later added:” I do not tell the president what to do. “
Western that the agency may need more funds if the new monumental task is assigned as the spot market regulator of digital products, which would include Bitcoin transactions.
. Quintenz said that the new staff would become more efficient due to “a first technological approach” that makes employees more efficient.
Quintenz also presented a series of questions about prediction markets, another area with which he has had direct experience as a member of the Kalshi Board, which fought against a legal battle with the CFTC on the regulation of event contracts. He defended such event contracts as an appropriate “coverage tool”.
“I think that the Basic Products Exchange Law is very clear about the purpose of derivative markets, the purpose of risk management and price discovery, and those events [contracts] It can serve a function in that mandate, “he said.
Read more: Trump to take advantage of the former CFTC Commissioner, Chief of A16z policy, Brian Quintenz for CFTC Head
