President Donald Trump plans to select 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, based on Fox Enterprise reporter Eleanor Terrett.
“I labored with Brian on necessary 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 stay up for supporting Brian and his management on the CFTC.”
SCOOP: Three sources with direct information of the matter inform me that @realDonaldTrump has chosen @BrianQuintenz, present Head of Coverage at @a16z crypto and a former commissioner, to be everlasting chair of the @CFTC.
No official assertion from the @WhiteHouse but, however officers…
— Eleanor Terrett (@EleanorTerrett) February 12, 2025
A Professional-Crypto CFTC?
Quintenz served as a Republican Commissioner on the CFTC through the first Trump administration earlier than becoming a member of the crypto enterprise capital agency in December 2022 when he was named its world head of coverage.
He has been a vocal advocate for regulatory modifications that may profit crypto corporations and different new applied sciences and fintech merchandise and has been advising the Trump transition staff 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 embrace Jonathan Gould because the Comptroller of the Foreign money, and Jonathan McKernan could be tapped as director of the Client Monetary Safety Bureau.
If confirmed, McKernan would take over an company at the moment going by way of a serious 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. Whole 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 didn’t get well a lot from that dip, at the moment buying and selling at $95,700 and having misplaced greater than 9%, or nearly $10,000, because the starting of the month.
Ethereum can be crumbling, with a 4% slide on the day to fall under $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 purple once more, wiping out any minor features they’d 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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