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Brian Quintenz, a former commissioner on the US Commodity Futures Buying and selling Fee (CFTC), might have the chance to chair the company after his nomination by President Donald Trump moved to the Senate Agriculture Committee.
Based on the calendar of the US Senate Committee on Agriculture, Diet, and Forestry, Quintenz will appear for a listening to on June 10 to think about his nomination as CFTC chair. The nomination listening to follows the departures of commissioners Summer Mersinger and Christy Goldsmith Romero on the finish of Might, leaving the five-seat panel with solely two Senate-confirmed members as of June 1.
Quintenz’s potential affirmation is predicted to lead to a whole changeover of the CFTC’s management. Former chair Rostin Behnam left the agency in February, and, with the departures of Romero and Mersinger, solely appearing chair Caroline Pham and Commissioner Kristin Johnson stay — each have introduced plans to depart after Quintenz’s nomination and “later this yr,” respectively.
Within the lead-up to the affirmation listening to, Quintenz reportedly disclosed positions in crypto and market companies value roughly $3.4 million that might doubtlessly current conflicts of curiosity in his function main the US monetary regulator. Many count on the previous commissioner, who additionally works as the worldwide head of coverage at a16z Crypto, to be an advocate for the digital asset trade.
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As of June 4, Quintenz was the one CFTC commissioner Trump had nominated in his most up-to-date time period. Assuming Pham and Johnson go away after Quintenz’s potential Senate affirmation, it might enable the president to utterly remake the company along with his picks.
CFTC guidelines require that not more than three commissioners belong to the identical political occasion. Quintenz is a Republican, suggesting two extra picks from the identical occasion and two Democratic ones from the president. Anybody serving on the fee wants a majority vote within the Senate to be confirmed for a five-year time period or to fill in for a member departing forward of their time period ending.
Pham mentioned she meant to maneuver into the non-public sector after leaving the CFTC, whereas at the very least one of many different commissioners explicitly mentioned she would turn out to be extra concerned in advocating for crypto coverage. Mersinger turned the CEO of the Blockchain Affiliation on June 2.
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