Crypto’s excited about Donald Trump’s latest regulatory pick.
On Wednesday, the President nominated pro-crypto candidate Brian Quintenz to be the next Commodity Futures Trading Commission’s chair.
He is currently the head of policy at investment giant Andreessen Horowitz’s crypto arm, and has long been an industry supporter.
The CFTC is “well poised to ensure the USA leads the world in blockchain technology and innovation,” Quintenz wrote on X, announcing his nomination and seemingly his focus for the role.
Industry talking heads congratulated Quintenz’s nomination.
He received accolades from the likes of Strategy Chair Michael Saylor, Securities and Exchange Commission Commissioner Hester Pierce, Uniswap Labs CEO Hayden Adams, and David Marcus, Lightspark CEO and former head of Meta’s failed crypto project Diem.
The industry has reason to be bullish.
During his campaign, Trump pledged to make the US the “crypto capital of the planet.”
His nominations of Quintenz and other pro-industry candidates to key government roles signal that the president plans to fulfil his promises to the industry.
So who is Quintenz?
Quintenz is a DC regular.
He first served in the District as senior policy adviser to the House Republican Conference between 2003 and 2006.
Between 2001 and 2007, Quintenz served as Congresswoman Deborah Pryce’s senior policy adviser. He spent the next eight years in private equity.
Quintenz also served as CFTC commissioner between 2017 and 2021. During his tenure, Quintenz was an advocate for blockchain technology and Bitcoin. He belied a deep understanding of and belief in crypto.
In his first address as commissioner, made to the Symphony Innovate Conference in New York in 2017, Quintenz said the ecosystem around Bitcoin to “provide a record of ownership and transfer for something that exists only in ether” was fascinating.
The next year, Quintenz said blockchain technology held the promise “to transform the building blocks not just of our financial markets, but of commerce in general.”
In 2021, in his final statement as a CFTC commissioner, Quintenz said: “I look forward to keeping innovation, particularly related to crypto and DeFi, relevant to my career and will continue advocating for the freedom, innovation, inclusion, and prosperity they offer.”
That same year, Quintenz joined as a16z crypto’s crypto policy advisor, later to be its head of crypto policy.
Andreessen Horowitz has made no secret of its ambition to dominate the crypto industry, as The New York Times in 2021.
Between November 2021 and November 2022, he also served as a member of Crypto.com’s advisory council.
The crypto exchange’s CEO Kris Marszalek was among those who congratulated Quintenz on his nomination.
What’s next?
Quintenz’s nomination will now head to the Senate, where it will be considered and voted on by the Senate Agriculture, Nutrition, and Forestry Committee. The CFTC regulates many agricultural financial derivatives.
Once considered there, the process will move to a full Senate vote for confirmation.
Given the 53-45 split in favour of Republicans in the Senate, it’s likely that Quintenz’s nomination will move forward.
And the industry seemingly has his back.
Quintenz’s “real experience in the crypto industry along with his knowledge of the CFTC makes him perfectly suited to lead the agency — and aligned with President Trump’s vision for crypto in the United States,” said Kristin Smith, CEO of crypto lobby group the Blockchain Association, in a statement.
Andrew Flanagan is a Markets Correspondent for DL News. Got a tip? Email at [email protected].
