Nominee for US CFTC Chair: "Crypto Regulation Needs a Balance Between Innovation and Protection"

Donald Trump, the President of the United States, has nominated Brian Quintenz as the next chair of the Commodity Futures Trading Commission (CFTC), who stated that a balanced approach between innovation and consumer protection is needed for virtual assets (cryptocurrencies).

According to CoinDesk on the 10th (local time), nominee Quintenz said at the Senate Committee on Agriculture, Nutrition, and Forestry confirmation hearing, "The Market Structure Act can provide clarity to businesses, developers, and founders involved with virtual assets while also establishing a regulatory framework for user protection," adding, "If Congress creates an appropriate market regulatory system, I am ready to leverage my experience and expertise to carry out this task successfully."

He also addressed questions related to the prediction market platform 'Kalshi', where he had previously served as a director. He argued, "Event-based contracts align with the fundamental purposes of the derivatives market, which are risk hedging and price discovery," and "the Commodity Exchange Act (CEA) clearly permits this."

Quintenz was formerly the head of policy at a16z, and has previously served as a CFTC commissioner. Currently, the US Congress is advancing a bill to expand CFTC's oversight authority over the digital commodity spot market. If this bill passes, CFTC will be elevated as the primary regulatory body for the virtual asset market within the United States.