The Senate Agriculture Committee has pulled a deliberate listening to on Brian Quintenz’s nomination to chair the Commodity Futures Buying and selling Fee (CFTC), following a request from the White Home simply days earlier than lawmakers depart for August recess.
In an replace to the committee’s schedule on Monday, chair John Boozman and rating member Amy Klobuchar stated lawmakers wouldn’t contemplate Brian Quintenz’s nomination to chair the CFTC.
A spokesperson for the committee advised Cointelegraph that consideration of Quintenz’s nomination was eliminated following a request from the White Home. Cointelegraph reached out to the White Home for remark however had not obtained a response on the time of publication.
The agriculture committee had been scheduled to consider Donald Trump’s pick to steer the monetary regulator earlier than occurring recess on Aug. 4.
The delay marked the second time the agriculture committee pushed voting on Quintenz’s nomination — the physique was additionally scheduled to contemplate the possible CFTC chair’s nomination in a July 21 assembly. As of Tuesday, it was unclear whether or not the Senate would tackle Quintenz’s nomination earlier than or after occurring recess.
Associated: Trump’s CFTC chair pick won’t push president for bipartisan commission
Quintenz served as a CFTC commissioner underneath Trump from 2017 to 2021, having been nominated by former US President Barack Obama in 2016. He has additionally confronted questions from lawmakers in a June Senate Agriculture Committee listening to and reportedly disclosed about $3.4 million in property.
Will a crypto-friendly CFTC be a part of the SEC?
Quintenz’s nomination is critical because the Senate is anticipated to move forward with a bill to make clear the roles the CFTC and Securities and Trade Fee (SEC) would have in overseeing digital property after returning in September.
After Trump took workplace and former SEC Chair Gary Gensler departed, the securities regulator dropped investigations and lawsuits towards a number of crypto corporations, together with Coinbase, Ripple Labs, and Kraken. Whoever heads the CFTC might likewise have affect over coverage affecting the digital asset trade.
The CFTC nonetheless faces an exodus of regulators
Quintenz’s potential affirmation to steer the CFTC might come as commissioners put together to depart a number of vacancies on the US monetary regulator.
Three members of the fee’s five-seat panel, former chair Rostin Behnam and Commissioners Summer season Mersinger and Christy Goldsmith Romero, departed earlier this yr. Appearing CFTC Chair Caroline Pham stated she deliberate to maneuver to the non-public sector if Quintenz had been nominated, and Kristin Johnson said she would leave earlier than 2026.
As of July, Trump had not introduced any potential replacements for the 4 seats anticipated to be vacant after the Senate considers Quintenz’s nomination.
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