Brian Quintenz, the candidate of US President Donald Trump, the chairman of the Commodity Futures Trading Commission (CFTC), has explained that Blockchain is a fundamental technology that may change way more than finance.
In prepared remarks before his hearing to substantiate the Senate, which was shared with cointelegraph, Quintenz identified the long -term effects of blockchain and cryptocurrencies. “I consider Blockchain as a horizontal technology that has the potential to the touch every aspect of society,” he said.
Quintenz, who most recently acted as a worldwide director of politics at A16Z Crypto (Andreessen Horowitz 'Digital Asset ARM), also mentioned the importance of a comprehensive regulatory framework for cryptoma markets.
He said that his global experience with supervisory authorities and government officials gave him a transparent overview of what had worked on the creation of crypto regulation framework and findings that he would love to bring for the US political decision.
“While the congress takes into consideration the brand new Spot market regulator via the crypto assets markets, I’m completely able to offer the members of this committee and the congress as an entire,” he said.
Quintenz guarantees to maintain bad actors away
Quintenz dyeed no words in regards to the dangers of weak. He warned that it might undermine the United States' management within the blockchain innovation to operate bad actors and fraudsters.
He also emphasized the need of a comprehensive regulatory framework that clearly defines Token classifications and assigns responsibilities for the cryptopolic markets, and argues that such clarity is crucial for the protection of users and the promotion of continued innovation.
Quintenz Senate hearing for 3:00 p.m. on June tenth. Source: US -Senat
Apart from crypto, Quintenz promised to take care of the role of CFTC because the world's leading provider of market innovations and supervision. He referred to his previous service as a CFTC commissioner, wherein he was unanimously confirmed in 2017, and confirmed his commitment to risk-based regulation, domestic and international harmonization and robust customer protection.
He confirmed his support for the legal mandate of the CFTC to advertise responsible innovation. “The principles of the CEA on regulation and self -certification framework has created a marketplace that continues to thrive with integrity,” he said.
CFTC is void for leadership
The hearing of the Senate of Quinten comes when the legislature is forced to offer the CFTC more power over crypto through the Clarity Act, which might create a “digital goods” category and provides the agency broad powers to manage crypto.
However, concerns are whether the agency has the management qualification so as to satisfy this challenge, since a seat representative continues to be not filled and a number of other others are preparing for the exit.
Last week, two of the remaining 4 CFTC commissioners, Republican summer Mersinger and Democrat Goldsmith Romero, left the Commission. The remaining republican commissioner Caroline Pham has also explained that she’s going to go when fifth is sworn in.
