Crypto groups endorse Brian Quintenz for CFTC amid regulatory standoff with banks

The Crypto Council for Innovation (CCI) and the Blockchain Association jointly issued a missive connected Aug. 20 endorsing Brian Quintenz for Chairman of the US Commodity Futures Trading Commission (CFTC).

In the letter to President Donald Trump, the groups emphasized that confirming Quintenz promptly is captious to advancing his administration’s docket to foster a “golden age” for integer assets successful America.

According to the group:

“Each of our organizations has had the privilege of knowing and moving with Mr. Quintenz firsthand, and we tin attest to his heavy expertise, dependable judgment, proven leadership, and integrity.”

They further noted that Quintenz’s acquisition positions him to usher the CFTC astatine a decisive infinitesimal for US fiscal markets and the broader integer plus ecosystem.

Their endorsement besides frames him arsenic uniquely equipped to instrumentality regulations that enactment liable innovation, safeguard marketplace integrity, and support American economical competitiveness.

They wrote:

“Mr. Quintenz’s extended acquisition and substantive and method knowing of blockchains, integer assets, and fiscal markets makes him exceptionally well-suited to pb the CFTC astatine this captious juncture.”

Quintenz, who was nominated successful February, saw his confirmation ballot delayed aft concerns arose implicit imaginable conflicts of interest, highlighted by notable manufacture figures similar the Gemini co-founders Tyler and Cameron Winklevoss.

Pushback against bankers

The aforesaid conjugation besides opposed a caller inaugural by US banks to amend provisions successful the GENIUS Stablecoin Regulation Act.

In an Aug. 19 letter, the groups argued that the projected changes would make an uncompetitive situation favoring banks portion limiting broader manufacture growth, innovation, and user choice.

Last week, the Bank Policy Institute (BPI) and different banking groups urged lawmakers to code what they described arsenic a legislative spread that prevents exchanges and affiliated firms from offering indirect yields connected stablecoins.

The accepted fiscal institutions warned that this spread could thrust up to $6.6 trillion successful deposits from the accepted banking assemblage into integer assets.

However, the crypto organizations countered that outgo stablecoins run nether chiseled frameworks and should not beryllium treated similar slope products.

They stressed that allowing regulated platforms to stock benefits with customers is “a diagnostic that promotes fiscal inclusion, fosters innovation, and ensures American enactment successful the adjacent procreation of payments.”

The station Crypto groups endorse Brian Quintenz for CFTC amid regulatory standoff with banks appeared archetypal connected CryptoSlate.