Key Points:
- Although crypto exchange Gemini previously raised objections, a coalition of digital asset lobbying groups is firmly backing Brian Quintenz for his Senate confirmation as the next head of the Commodity Futures Trading Commission (CFTC).
- A letter was sent to President Trump urging the swift confirmation of Quintenz, who is deemed the “right person at the right time” for this crucial role.
- The confirmation process encountered delays due to the White House’s intervention.
After the Trump administration paused the confirmation of their own nominee for the CFTC, a unified crypto industry is now actively supporting Brian Quintenz and prompting the president for a faster decision.
In the weeks following the situation, prominent associations in the crypto space, including the Crypto Council for Innovation and the Blockchain Association, sent a letter to Trump requesting prompt confirmation of Quintenz, emphasizing his unmatched expertise in digital asset regulation. The groups described him as essential for dealing with upcoming regulatory challenges.
Contrary to the united industry consensus, Tyler Winklevoss expressed concerns regarding Quintenz’s connections to the prediction market firm Kalshi and his past statements on regulatory affairs. Nonetheless, industry insiders acknowledge the urgent need for stable leadership within the CFTC, especially as current commissioners are considering departure.
The legislators are discussing a bill that would position the CFTC as the primary regulator for cryptocurrency commodities, potentially expanding its authority over the digital asset market substantially.
For further reading on related topics: Gemini’s Tyler Winklevoss Raises Concerns Over Quintenz
