Quintenz: Blockchain Is a Foundation Technology
In comments prior to his Senate confirmation hearing, President Donald Trump nominee Brian Quintenz characterized blockchain as an agent of transformation that will reshape large sections of society.
“I consider blockchain to be a horizontal technology with the potential to impact every part of society,” said Quintenz, emphasizing the technology’s wide-ranging societal impact beyond its roots in finance. The blockchain refers to a decentralized, distributed ledger technology that records digital data.
Quintenz possesses strong crypto policy experience, having previously worked as global head of policy at a16z Crypto, the cryptocurrency arm of Andreessen Horowitz.
Clear Crypto Rules Required to Safeguard U.S. Leadership
Quintenz asserted that the U.S. must move quickly to implement clear and thoroughgoing crypto rules. “Weak regulation opens the door to fraud and jeopardizes our leadership in blockchain innovation,” he cautioned.
He called on Congress to create legal certainty regarding token classifications and define appropriate oversight functions for the purpose of user protection and regulatory certainty.
“I am more than ready to offer the value of this experience to members of this committee and to Congress generally,” he said.
Promises to Support Innovation and Resolute Oversight
Quintenz reiterated his commitment to maintaining the innovation-friendly nature of the CFTC, which draws from the Commodity Exchange Act’s (CEA) underlying principles-based model of regulation.
He underscored the need for rulemaking on international harmonization and risk-based rules and said that the CFTC is “a global standard-bearer in market innovation.”
During his previous tenure as a CFTC Commissioner, Quintenz was unanimously confirmed in 2017 and was praised for his balanced approach to new technologies.
Senate Hearing Against Leadership Vacancies at CFTC
His hearing, set for 3:00 PM on June 10, is timely. The Senate is considering the Clarity Act, a bill that would grant the CFTC greater authority over digital assets by defining a “digital commodity” category.
But the agency is having internal issues. Two of the commissioners—Summer Mersinger and Goldsmith Romero—resigned last week. The lone remaining Republican commissioner, Caroline Pham, has said she will resign if Quintenz is confirmed.
This lack of leadership has made Quintenz’s confirmation along with the future of U.S. crypto regulation even riskier.
