US President Donald Trump’s choose to chair the Commodity Futures Buying and selling Fee has disclosed thousands and thousands of {dollars} value of belongings, alongside together with his numerous ties to crypto-related organizations.
In paperwork launched by the US Workplace of Authorities Ethics on Might 25, Brian Quintenz disclosed his key positions in crypto and market corporations that might instantly relate to the CFTC’s regulatory priorities and disclosed belongings value a minimum of $3.4 million, in accordance with a Might 27 Bloomberg report.
Quintenz was a CFTC commissioner from 2017 to 2021 and is at present the worldwide head of crypto coverage at Andreessen Horowitz, a place he mentioned he’ll step down from if the Senate confirms him as CFTC chair.
He holds an curiosity in three AH Capital Administration funding funds, CNK Fund III, CNK Seed 1 Fund, and CNK IV Fund, plus capital commitments to associated common companions.
He’s additionally a board member of the prediction markets platform Kalshi and owns inventory and unvested inventory choices within the agency, together with inventory and vested inventory choices within the finance and lending brokerage Subsequent Degree Derivatives.
His portfolio intersects instantly with two main CFTC coverage areas, crypto asset regulation and prediction markets. Kalashi settled a significant authorized battle with the CFTC over election betting earlier this month.
Quintenz outlined the steps he’ll take to keep away from conflicts of curiosity if confirmed as CFTC chairman in an settlement letter to John Einstman, the CFTC’s Designated Company Ethics Official, dated Might 21.
“I cannot take part personally and considerably in any specific matter through which I do know that I’ve a monetary curiosity instantly and predictably affected by the matter,” he said.
An excerpt of Brian Quintenz’s letter. Supply: US Workplace of Authorities Ethics
He added that he’ll resign from all positions and divest conflicting belongings inside 90 days of affirmation. This consists of recusing himself from a16z-related issues for 2 years, recusing from Kalashi issues for one yr, and forfeiting unvested inventory choices at a number of corporations.
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Quintenz additionally mentioned he would adjust to customary battle of curiosity legal guidelines and procure ethics briefings, however will retain unpaid trustee positions for 2 household trusts.
Trump nominated Quintenz to go the monetary regulator in February and is at present awaiting Senate affirmation.
CFTC commissioner exodus continues
The CFTC has seen an exodus of commissioners lately amid concern over the Trump administration’s crypto embrace, with probably all 4 remaining positions being up for grabs this yr.
On Might 21, Democrat Commissioner Kristin Johnson introduced that she plans to depart the company later this yr.
In the meantime, Commissioners Summer time Mersinger and Christy Goldsmith Romero beforehand mentioned they might respectively step down on Might 30 and Might 31.
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