In brief:
- Brian Quintenz, will resign as a commissioner of the Commodity Futures Trading Commission (CFTC).
Commissioner Brian D. Quintenz, has long advocated for responsible Fintech innovation at the Commodities Futures Trading Commission (CFTC). CFTC Commissioner Brian Quintez announced yesterday that he is resigning from his post on August 31, 2021. He has published a statement announcing his impending departure.
Quintenz’s tenure expired in April 2020, after he was nominated by President Obama and confirmed by President Trump. There was some confusion over when he would really stand down due to the change in administrations. Quintenz was eventually reappointed by President Biden.
Throughout his reign, Quintenz has been a strong supporter of cryptocurrency. In his farewell statement, he emphasised his efforts on cryptocurrency concerns.
Quintez stated the following about the CFTC’s stance on digital assets:
“During my term, the CFTC has overseen the listing of Bitcoin futures contracts; the custody of digital assets within the traditional clearing infrastructure; the proliferation of blockchain technology; the creation of cryptographic, tokenized commodities; and the rapid expansion of decentralized finance (DeFi), which purports to realize the ultimate transparency-competition-innovation-reward dynamic of a true free market. In addition, the TAC and its subcommittees have explored the evolution of state-of-the-art risk control mechanisms at exchanges and firms, cryptographic proofing mechanisms, digital asset trading platform self-regulation standards, and scalable cybersecurity programs. I look forward to keeping innovation, particularly related to crypto and DeFi, relevant to my career and will continue advocating for the freedom, innovation, inclusion, and prosperity they offer.”
Quintenz asked a query on Twitter on August 18th on how to define fraud in DeFi. This was a topic that the CFTC and the Securities and Exchange Commission, have been discussing vehemently.
Earlier this week, there was a rumour that Biden is planning to propose acting CFTC Chair Rostim Behnem for full time chair.
About CFTC:
The Commodity Futures Trading Commission (CFTC) is an independent US government body. It oversees the US derivatives markets, which include futures, swaps, and some types of options. It was established in 1974.
