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The post Trump Plans to Appoint Pro-Crypto Brian Quintenz as CFTC Chair appeared first on Coinpedia Fintech News At a time when the crypto community is discussing the importance of establishing a crypto-friendly regulatory environment in the US for the growth of the cryptocurrency industry in the country, an official document, which suggests the possibility of the appointment of a pro-crypto executive by US President Donald Trump to lead the US Commodity Futures Trading Commission, has been published by a prominent media outlet. According to the document, the Trump administration is planning to appoint Brian Quintenz, the head of global policy at a16z crypto, as the new chairman of the CFTC. Trump’s Plan to Nominate Brian Quintenz The official document, sent by the White House to Capitol Hill, confirms that Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President is preparing to appoint Quintenz as the new chairman of the Commodity Futures Trading Commission. It is not the first time that Quintenz has had a chance to play a key role in the commission. Notably, during the first Trump administration, he was the commissioner of the commodity futures regulatory agency. Undoubtedly, Quintenz is a pro-crypto executive. The company where he works right now, a16z crypto, is a venture capital fund that invests in crypto and web3 startups. Significance of Appointing a Pro-Crypto Leader as CFTC Chair The Commodity Futures Trading Commission regulates derivatives markets, including crypto futures and options. Crypto companies prefer the CFTC over the SEC, as the commission has a more open approach and sees cryptos as commodities, not securities. Appointing a pro-crypto leader as the chair of the CFTC is a big deal because it could bring clearer, fairer and more supportive regulations for the crypto industry. Also Read : SEC’s Peirce Says Most Memecoins Aren’t Securities: Was Gensler Wrong All Along? , Support to Quintenz from Key Leaders CFTC Acting Chair Caroline Pham expresses her happiness and excitement about the Trump administration’s plan to appoint Quintenz as the chair of the community futures regulator. She recalls crucial projects that she successfully completed with the support of Quintenz while he was working as the commissioner of the CFTC. Meanwhile, expressing his extreme happiness about the plan, Blockchain Association CEO Kristin Smith projects Quintenz’s real experience in the crypto industry as a key reason why he is highly suitable for the position. In conclusion, Brian Quintenz’s potential appointment as CFTC chair could shape the future of crypto regulation in the US. His pro-crypto stance may create a more favourable regulatory environment, benefiting crypto companies and investors alike. Never Miss a Beat in the Crypto World! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Subscribe to News

Federal Reserve Chair Jerome Powell has made it clear that the United States will not introduce a Central Bank Digital Currency (CBDC) during his tenure. This stance marks a notable shift from earlier considerations where the Federal Reserve had been exploring the potential of a digital dollar. No CBDC For The United States, Powell Confirms This declaration came during a recent Senate Banking Committee hearing on Tuesday when Powell responded to a direct question from Senator Bernie Moreno (R-OH). “Can I have your commitment that as long as you’re the chair of the Federal Reserve system, that we will never have a central bank digital currency?” Moreno asked. “Yes,” Powell responded. The Fed’s previous research on CBDCs aimed at understanding how such a currency might improve the current payment system’s efficiency and safety. Critics of CBDCs, including the Cato Institute’s Nicholas Anthony, have praised Powell’s commitment, citing potential risks to financial freedom, privacy, and market stability. Unlike decentralized cryptocurrencies like Bitcoin, a CBDC would be government-issued and regulated, potentially leading to concerns over surveillance due to its trackable nature. This announcement comes at a time when several countries are actively experimenting with their own digital currencies. Notably, China’s digital yuan pilot started in 2020, with other nations like Russia, Turkey, and Japan also exploring similar initiatives. Republicans Stopping CBDCs Powell’s firm stance highlights a divergence in U.S. policy compared to these global trends, especially under the current U.S. administration led by President Trump. Senator Moreno specifically praised Powell’s stance since it meant the U.S. wouldn’t wind up “looking like China” in any way. The debate around CBDCs in the U.S. has seen significant political pushback, especially from Republican lawmakers who have called for bans on government-issued digital currencies. Last year, the House of Representatives passed a bill from Congressman Tom Emmer to ban the Federal Reserve from issuing a CBDC. In his recent crypto executive order, President Donald Trump also prohibited Federal agencies from attempting to promote or issue a CBDC. Powell’s clear statement might provide some relief to those concerned about the implications of CBDCs on personal freedoms and privacy. The post Fed Chair Jerome Powell Says No To US CBDC appeared first on CryptoPotato.

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