Brian Quintenz, US President Donald Trumps pick to chair the US Commodity Futures Trading Commission (CFTC), is scheduled to appear before lawmakers as his nomination moves forward in the Senate.
His role could expand significantly if current legislation shifting crypto oversight to the agency becomes law.The Senate Agriculture Committee will hold a meeting to consider Quintenzs nomination before a potential floor vote on Monday.
The meeting will follow a hearing held by the committee in June, marking the first step in his nomination since Trump announced it in February.The committee meeting will come as the Senate is expected to consider the Digital Asset Market Clarity (CLARITY) Act following passage in the House of Representatives on Thursday.
The digital asset market structure bill is expected to give more authority to the CFTC over regulating cryptocurrencies in a shift of oversight now conducted by the Securities and Exchange Commission (SEC).In addition, Quintenzs potential confirmation to the US financial regulator could completely upend the commissions staff after resignations and terms ending.
As of July, only acting CFTC Chair Caroline Pham and commissioner Kristin Johnson were serving at the agency, but both are expected to depart in 2025, leaving Quintenz, a Republican, as potentially its only member.As of Friday, Trump had not announced any other nominations for commissioner.Related: US Justice Department, CFTC end Polymarket investigations ReportThough the House passed the CLARITY Act with significant bipartisan support, it was unclear at the time of publication whether the bill would have the votes to pass in the Senate, or what amendments would be offered for the legislation.
Leadership at the Senate Banking Committee said in June that they planned to pass the bill before October.The impact of the finalized bill on the CFTC and SEC and their roles in regulating digital assets remains to be seen.
However, Pham has publicly supported the market structure and stablecoin bills, giving most of the credit to Trump for their passage.
The CFTC stands ready to fulfill our mission and oversee our markets that enable US economic growth and competitiveness, said the acting chair on Friday.Magazine: Will Robinhoods tokenized stocks REALLY take over the world? Pros and cons