President Donald Trump plans to choose Brian Quintenz, the top of coverage at Andreessen Horowitz’s (a16z) crypto division, to steer the Commodity Futures Buying and selling Fee.
There was no official assertion, however Bloomberg cited a doc despatched by the White Home to Capitol Hill on Feb. 11. Appearing CFTC Chair Caroline Pham congratulated Quintez on the choice, in keeping with Fox Enterprise reporter Eleanor Terrett.
“I labored with Brian on vital initiatives that he led to success when he was a CFTC Commissioner,” she mentioned earlier than including:
“He’ll do the identical for crypto and innovation. I sit up for supporting Brian and his management on the CFTC.”
A Professional-Crypto CFTC?
Quintenz served as a Republican Commissioner on the CFTC throughout the first Trump administration earlier than becoming a member of the crypto enterprise capital agency in December 2022 when he was named its international head of coverage.
He has been a vocal advocate for regulatory modifications that might profit crypto firms and different new applied sciences and fintech merchandise and has been advising the Trump transition crew on crypto coverage.
“If confirmed, he’s anticipated to push for modifications that might assist the CFTC rise in prominence as the popular regulator for crypto,” reported Bloomberg.
Different nominations revealed in the identical doc embody Jonathan Gould because the Comptroller of the Forex, and Jonathan McKernan can be tapped as director of the Client Monetary Safety Bureau.
If confirmed, McKernan would take over an company presently going via a significant upheaval after Trump successfully neutralized the monetary watchdog for per week below Elon Musk’s “Division of Authorities Effectivity.”
Crypto Market Response
Regardless of but extra bullish information from the US, crypto markets proceed to retreat. Complete market capitalization has slumped 3.6% over the previous 24 hours, falling to $3.25 trillion on the time of writing.
Bitcoin fell to $95,000 in an intraday low and has did not recuperate a lot from that dip, presently buying and selling at $95,700 and having misplaced greater than 9%, or virtually $10,000, because the starting of the month.
Ethereum can be crumbling, with a 4% slide on the day to fall beneath $2,600 once more. ETH has misplaced a whopping 23.5% because the starting of February, a month that has traditionally been bullish for the asset.
The altcoins have been a sea of pink once more, wiping out any minor beneficial properties that they had earlier this week, because it appears no quantity of constructive information from the US can reverse the outgoing tide in the intervening time.
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