By admin 
Brian Quintenz, US President Donald Trump’s nominee to chair the Commodity Futures Buying and selling Fee (CFTC), has stated that blockchain is a foundational expertise poised to rework rather more than simply finance.
In ready remarks forward of his Senate affirmation listening to shared with Cointelegraph, Quintenz identified the long-term impression of blockchain and cryptocurrencies. “I view blockchain as a horizontal expertise that has the potential to the touch each side of society,” he stated.
Quintenz, who most just lately served as the worldwide head of coverage at a16z Crypto (Andreessen Horowitz’s digital asset arm), additionally talked about the significance of a complete regulatory framework for crypto markets.
He stated his world expertise participating with regulators and authorities officers has given him a transparent view of what has and hasn’t labored in crafting crypto regulatory frameworks, insights he plans to convey to US policymaking.
“As Congress considers new spot market regulatory authority over the crypto asset markets, I’m totally ready to offer the advantage of this expertise to the members of this committee and to Congress as a complete,” he acknowledged.
Associated: US regulator moves to drop appeal against Kalshi
Quintenz pledges to maintain dangerous actors out
Quintenz didn’t mince phrases on the risks of weak oversight. He warned that permitting dangerous actors and fraudsters to function unchecked would erode the USA’ management in blockchain innovation.
He additionally emphasised the necessity for a complete regulatory framework that clearly defines token classifications and assigns oversight obligations for crypto buying and selling markets, arguing that such readability is crucial to guard customers and foster continued innovation.
Past crypto, Quintenz pledged to take care of the CFTC’s position as a world chief in market innovation and oversight. He pointed to his prior service as a CFTC Commissioner, the place he was confirmed unanimously in 2017, and reiterated his dedication to risk-based regulation, home and worldwide harmonization, and strong buyer safety.
He reaffirmed his assist for the CFTC’s statutory mandate to advertise accountable innovation. “The CEA’s principles-based method to regulation and self-certification framework has created a market that continues to thrive with integrity,” he famous.
Associated: CFTC exodus: Fourth commissioner to depart ‘later this year’
CFTC faces management void
Quintenz’s Senate listening to comes as lawmakers push to offer the CFTC extra energy over crypto through the Clarity Act, which might create a “digital commodity” class and provides the company broad powers to manage crypto.
Nevertheless, considerations are growing over whether the agency has the leadership capacity to satisfy that problem, as one commissioner seat stays unfilled and a number of other others put together to exit.
Final week, two of the remaining 4 CFTC commissioners, Republican Summer Mersinger and Democrat Goldsmith Romero, departed the fee. The remaining Republican Commissioner, Caroline Pham, has additionally acknowledged that she’s going to go away if and when Quintenz is sworn in.
Journal: AI is good for employment says PWC — Ignore the AI doomers: AI Eye