Key Insights:
Donald Trump has reportedly chosen Brian Quintenz as the next CFTC Chairman.
Quintenz is the present Head of Polict at a16z, a crypto investment firm and venture capital.
Current Chairman Rostin Behnam, who was also appointed by Trump in 2017, will end his term in Jan 2025.
CFTC could be the main crypto regulator under Trump's Presidency based on the FIT-21 Act.
Trump had earlier vowed to make US the crypto capital of the world.
Trump has reportedly considered naming Brian Quintenz the next chief of the CFTC, replacing the current chairman, Rostin Behnam, whose term will expire on 21 January 2025. Behnam was nominated to the CFTC board by Trump in 2017 and was unanimously elected its chair in 2021. Quintenz has reportedly been interviewed for this position.
Brian Quintenz
a16z
His reported replacement, Brian Quintenz, has served as the Head of Policy at a16z, one of the most successful investment companies in crypto markets.
The CFTC has been more lenient towards crypto than the SEC which as per Trump was on an anti-crypto crusade under Joe Biden.
Crypto markets will eventually need a regulator, whether the government expands the SEC's powers or continues with the CFTC as the primary regulator. Either way, one of these two organizations will bear the responsibility of crypto regulation in the US.
There is a third way ahead, where both get their own share of control as mandated by the FIT-21 Act. This act mandates that the CFTC regulates cryptos that are sufficiently decentralized (no owner holds >20% of token supply), while the SEC regulates those not meeting the criteria. Exchanges are to be jointly regulated.
The US House of Representatives has passed the act and is waiting for Senate approval, after which it will be moved for the President's overview. Since the act is bipartisan, it is likely to shape the future of crypto regulation.
Hence, it won't be an overstatement to say that the CFTC will be in control of much of the Crypto markets under Trump's Presidency.
Donald Trump's election campaign showed significant interest in making the US the global crypto capital. Even after the elections, his son, Eric Trump, has repeatedly called him the greatest President the crypto markets will see.
He also said that Donald Trump will make US-based cryptocurrencies tax-free.
The FIT-21 Act could prove to be instrumental in providing clear regulations for crypto projects. The act clearly delineates the separation of powers between the SEC and CFTC while giving fair treatment to all the users.
The heads of the Department of Government Efficiency (DOGE) could be by far the most impactful appointment. Republican Vivek Ramaswamy and Elon Musk will head this department, which seeks to control government expenditures.
The next major appointment could be Paul Atkins, who will become the chief of the SEC for the second time under Donald Trump. Atkins headed the commission during the Bush administration.
Trump also finalized David Sacks as the White House Policy Advisor on Crypto and AI. Sacks has been a pro-crypto candidate and an investor in Crypto markets.
Lately, Donald Trump has dismissed the removal of US Federal Reserve Chairman Jerome Powell, who was appointed by Trump during his first Presidency in 2018. Powell's term will end in 2026 as chairman and in 2028 as a member of the Federal Reserve Board.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.