White House Requests Senate Committee Delay Vote On CFTC Chair
The Senate Agriculture Committee has pulled a planned hearing on Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission (CFTC), following a request from the White House just days before lawmakers leave for August recess.
In an update to the committee’s schedule on Monday, chair John Boozman and ranking member Amy Klobuchar said lawmakers would not consider Brian Quintenz’s nomination to chair the CFTC.
A spokesperson for the committee told Cointelegraph that consideration of Quintenz’s nomination was removed following a request from the White House. Cointelegraph reached out to the White House for comment but had not received a response at the time of publication.
The agriculture committee had been scheduled to consider Donald Trump’s pick to lead the financial regulator before going on recess on Aug. 4.
The delay marked the second time the agriculture committee pushed voting on Quintenz’s nomination — the body was also scheduled to consider the prospective CFTC chair’s nomination in a July 21 meeting. As of Tuesday, it was unclear whether the Senate would address Quintenz’s nomination before or after going on recess.
Related: Trump’s CFTC chair pick won’t push president for bipartisan commission
Quintenz served as a CFTC commissioner under Trump from 2017 to 2021, having been nominated by former US President Barack Obama in 2016. He has also faced questions from lawmakers in a June Senate Agriculture Committee hearing and reportedly disclosed about $3.4 million in assets.
Will a crypto-friendly CFTC join the SEC?
Quintenz’s nomination is significant as the Senate is expected to move forward with a bill to clarify the roles the CFTC and Securities and Exchange Commission (SEC) would have in overseeing digital assets after returning in September.
After Trump took office and former SEC Chair Gary Gensler departed, the securities regulator dropped investigations and lawsuits against several crypto companies, including Coinbase, Ripple Labs, and Kraken. Whoever heads the CFTC could likewise have influence over policy affecting the digital asset industry.
The CFTC still faces an exodus of regulators
Quintenz’s potential confirmation to lead the CFTC could come as commissioners prepare to leave multiple vacancies at the US financial regulator.
Three members of the commission’s five-seat panel, former chair Rostin Behnam and Commissioners Summer Mersinger and Christy Goldsmith Romero, departed earlier this year. Acting CFTC Chair Caroline Pham said she planned to move to the private sector if Quintenz were nominated, and Kristin Johnson said she would leave before 2026.
As of July, Trump had not announced any potential replacements for the four seats expected to be vacant after the Senate considers Quintenz’s nomination.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
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