Ripple CEO Brad Garlinghouse has congratulated American monetary supervisor Brian Quintenz on his nomination for the chair of the Commodity Futures Buying and selling Fee (CFTC).
“The CFTC performs an important function in ensuring the US has probably the most sturdy capital markets on the planet,” Garlinghouse mentioned in his social media assertion.
The CFTC has lengthy been the popular regulator of the cryptocurrency business.
Earlier, Garlinghouse spoke favorably of the Monetary Innovation and Expertise for the twenty first Century Act (FIT21). The invoice, which handed the Home final Might, would make the CFTC the primary overseer of the nascent business.
Quintenz, the top of coverage at Andreessen Horowitz’s cryptocurrency division, will change Rostin Behnam. The latter departed the company on Jan. 20 alongside former SEC boss Gary Gensler.
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As reported by U.At this time, CFTC Commissioner Caroline Pham is at present serving because the company’s appearing chair.
Quintenz’s nomination has been broadly celebrated inside the cryptocurrency business.
Matt Hougan believes that his management will profit the decentralized finance (DeFi) business.
“DeFi property needs to be flying on the Quintenz information. He is one of the outspoken, knowledgeable, and clear supporters of (good) DeFi I do know,” Hougan mentioned.
“With Quintenz’s CFTC chair nomination championing US blockchain expertise and Peirce’s SEC job pressure defining clear crypto priorities, we’re seeing a coordinated regulatory imaginative and prescient emerge,” Luis Rincon of Messari opined on social media.
It’s value noting that Quintenz beforehand served as a CFTC commissioner. Throughout his time period, the company authorised Bitcoin futures.