The Crypto Council for Innovation (CCI) and the Blockchain Affiliation collectively issued a letter on Aug. 20 endorsing Brian Quintenz for Chairman of the US Commodity Futures Buying and selling Fee (CFTC).
Within the letter to President Donald Trump, the teams emphasised that confirming Quintenz promptly is essential to advancing his administration’s agenda to foster a “golden age” for digital belongings in America.
In line with the group:
“Every of our organizations has had the privilege of figuring out and dealing with Mr. Quintenz firsthand, and we are able to attest to his deep experience, sound judgment, confirmed management, and integrity.”
They additional famous that Quintenz’s expertise positions him to information the CFTC at a decisive second for US monetary markets and the broader digital asset ecosystem.
Their endorsement additionally frames him as uniquely geared up to implement rules that assist accountable innovation, safeguard market integrity, and keep American financial competitiveness.
They wrote:
“Mr. Quintenz’s in depth expertise and substantive and technical understanding of blockchains, digital belongings, and monetary markets makes him exceptionally well-suited to steer the CFTC at this essential juncture.”
Quintenz, who was nominated in February, noticed his affirmation vote delayed after considerations arose over potential conflicts of curiosity, highlighted by notable trade figures just like the Gemini co-founders Tyler and Cameron Winklevoss.
Pushback towards bankers
The identical coalition additionally opposed a latest initiative by US banks to amend provisions within the GENIUS Stablecoin Regulation Act.
In an Aug. 19 letter, the teams argued that the proposed adjustments would create an uncompetitive setting favoring banks whereas limiting broader trade progress, innovation, and shopper selection.
Final week, the Financial institution Coverage Institute (BPI) and different banking teams urged lawmakers to handle what they described as a legislative hole that stops exchanges and affiliated corporations from providing oblique yields on stablecoins.
The standard monetary establishments warned that this hole may drive as much as $6.6 trillion in deposits from the normal banking sector into digital belongings.
Nonetheless, the crypto organizations countered that cost stablecoins function beneath distinct frameworks and shouldn’t be handled like financial institution merchandise.
They burdened that permitting regulated platforms to share advantages with prospects is “a function that promotes monetary inclusion, fosters innovation, and ensures American management within the subsequent technology of funds.”
