Brian Quintenz, nominated by U.S. President Donald Trump to serve as chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that blockchain is a foundational technology that has the potential to change not just the financial sector.
In a prepared statement shared with Cointelegraph ahead of his Senate confirmation hearing, Quintenz highlighted the long-term impact of blockchain and cryptocurrency. He said, "I believe blockchain is a horizontal technology that has the potential to touch every aspect of society."
Quintenz, who recently served as the global policy head for a16z Crypto (the digital asset division of Andreessen Horowitz), also mentioned the importance of establishing a comprehensive regulatory framework for the cryptocurrency market.
He noted that his experience interacting with regulators and government officials worldwide has given him a clear understanding of what works and what doesn't in developing a cryptocurrency regulatory framework, and he plans to bring these insights into U.S. policymaking.
He stated, "As Congress considers granting new spot market regulatory authority over the crypto asset market, I am fully prepared to provide the benefits of this experience to the committee members and the entire Congress."
Quintenz was candid about the dangers of inadequate regulation. He warned that allowing bad actors and fraudsters to operate unchecked would erode the U.S.'s leadership position in blockchain innovation.
He also emphasized the need for a comprehensive regulatory framework that clearly defines token classifications and allocates regulatory responsibilities for the crypto trading market, believing that such clarity is crucial for protecting users and fostering ongoing innovation.
In addition to the cryptocurrency space, Quintenz committed to maintaining the CFTC's role as a global leader in market innovation and regulation. He referenced his previous service as a CFTC commissioner, where he was unanimously confirmed in 2017, and reiterated his commitment to risk-based regulation, domestic and international coordination, and strong customer protection.
He reaffirmed support for the CFTC's statutory mission to promote responsible innovation. He pointed out, "The principle-based regulatory approach and self-certification framework of the Commodity Exchange Act (CEA) have created a market that continues to thrive with integrity."
As Quintenz's Senate hearing approaches, lawmakers are pushing to pass the Clarity Act, which would grant the CFTC more regulatory power over cryptocurrencies. This legislation would create a "digital commodity" category and give the agency broad authority to regulate cryptocurrencies.
However, there are growing concerns about whether the agency has the leadership capacity to meet this challenge, as one commissioner position remains vacant and several others are preparing to depart.
Last week, two of the remaining four CFTC commissioners—Republican Summer Mersinger and Democrat Goldsmith Romero—left the commission. Current Republican commissioner Caroline Pham has also indicated that she will resign if Quintenz is sworn in.
Related: Vacant seats may hinder the CFTC's ability to regulate cryptocurrencies.
Original: “Trump's CFTC Pick Says Blockchain is a Technology Shaping Society”
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