United States President Donald Trump has picked a16z’s Brian Quintenz as the next permanent CFTC chairman. Quintenz will now lead the agency, having previously held a commissioner role.
A memo sent from the White House to Capitol Hill confirmed the decision, with pro-crypto Jonathan Gould set to be nominated for the post of the Comptroller of the Currency. In addition, the document also confirmed Jonathan Mckernan has been nominated for the top job of the Consumer Financial Protection Bureau (CFPB).
Donald Trump picks Brian Quintenz as CFTC chair
Quintenz has previously served under the first Trump administration as the Republican CFTC commissioner with the pro-crypto exec moving to a16z in 2020. Caroline Pham was picked as acting chair but is now backing Trump’s selection.
“I congratulate my friend Brian Quintenz on his selection for CFTC Chairman,” she said in a statement. “I worked with Brian on important initiatives that he led to success when he was a CFTC Commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC,” she said.
Under Pham, the agency had been working on a digital assets program that would enable the tokenization of non-cash collateral. The program will be discussed at an upcoming CEO meeting that will feature several firms including Circle and Coinbase.
“I’m excited to announce this groundbreaking initiative for U.S. digital asset markets,” Pham said in a press release on Feb. 7. “The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump administration’s promise of ensuring that America leads the way on economic opportunity.”
Meanwhile, the CFTC is still in an uncertain state, with operations at the agency halted under the orders of Acting Director Russell Vought. This means that the new boss will be charged of inheriting the department, which is in limbo, and put it in the right direction.