President Donald Trump is considering appointing Brian Quintenz to chair the Commodity Futures Trading Commission (CFTC).
Appointment to Lead CFTC
Brian Quintenz, head of policy at Andreessen Horowitz's crypto division, may lead the CFTC. According to Bloomberg, a document was sent from the White House to Capitol Hill, but no official statement has been made yet. Acting CFTC Chair Caroline Pham congratulated Quintenz on his selection.
Pro-Crypto Initiatives
Quintenz served as a Republican Commissioner at the CFTC during Trump's first administration and has been a key advocate for regulatory changes benefiting cryptocurrency. If confirmed, he is expected to push for initiatives that could position the CFTC as the preferred regulator for the crypto industry.
Crypto Market Reaction
Despite positive news from the US, crypto markets continue to decline. Total market capitalization has slumped by 3.6% over the past 24 hours. Bitcoin fell to $95,000, having lost over 9% since the start of the month. Ethereum also slid, losing 4% on the day, as altcoins turned red once again.
The appointment of Brian Quintenz to lead the CFTC could be pivotal for advancing pro-crypto changes in the US. However, current market tendencies indicate instability despite positive regulatory changes.
