Senate Agriculture Committee Hearing Pulled
The Senate Agriculture Committee has postponed the hearing regarding Brian Quintenz’s nomination as chair of the Commodity Futures Trading Commission (CFTC) due to a request from the White House, just days before the August recess.
In a recent update, Committee Chair John Boozman and Ranking Member Amy Klobuchar announced that Quintenz’s nomination will not be discussed.
A committee spokesperson indicated that the White House’s request led to this decision. Cointelegraph reached out to the White House for clarification but had not received a response at the time of publication.
Initially, the committee planned to consider Donald Trump’s nomination before the recess on August 4, marking the second time voting on Quintenz’s nomination has been delayed; it was also set for discussion on July 21. As of Tuesday, it’s uncertain whether the Senate will address the nomination before or after the recess.
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Quintenz served as a CFTC commissioner under Trump from 2017 to 2021, having been nominated by former President Barack Obama. He previously faced inquiries during a June Senate Agriculture Committee hearing and disclosed approximately $3.4 million in assets.
Impact on Crypto Regulation
Quintenz’s nomination is crucial as the Senate plans to advance a bill clarifying the roles of the CFTC and Securities and Exchange Commission (SEC) in regulating digital assets upon returning in September. After Trump’s inauguration and former SEC Chair Gary Gensler’s exit, the SEC ceased several investigations against crypto companies like Coinbase, Ripple Labs, and Kraken. The head of the CFTC could significantly influence policies affecting the digital asset sector.
Regulatory Departures at the CFTC
Quintenz’s potential confirmation coincides with an exodus of regulators within the CFTC, with three out of five commissioners having departed earlier this year. Acting CFTC Chair Caroline Pham has indicated plans to move to the private sector if Quintenz is nominated, and fellow Commissioner Kristin Johnson plans to exit before 2026. As of July, Trump had not provided names for suitable replacements for the anticipated four vacant seats following Quintenz’s nomination consideration.
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