Brian Quintenz is returning to the Commodity Futures Trading Commission (CFTC), but this time, he’s taking the top job. President Donald Trump has chosen the former CFTC commissioner and Andreessen Horowitz (a16z) policy head to lead the agency, according to a White House document sent to Capitol Hill today.
The White House document also confirmed that pro-crypto Jonathan Gould is set to be nominated as Comptroller of the Currency, while Jonathan McKernan has been tapped to lead the Consumer Financial Protection Bureau (CFPB).
Quintenz, who served as a Republican CFTC commissioner during Trump’s first term, was also always pro-crypto, but he left the agency to join a16z in 2020.
Acting Chair Caroline Pham took over in January after Trump appointed her as interim head, and she is now backing Quintenz’s selection. “I congratulate my friend Brian Quintenz on his selection for CFTC Chairman,” she said in a statement. “I worked with Brian on important initiatives that he led to success when he was a CFTC Commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC.”
Under Pham, the agency has been working on a digital asset markets pilot program focused on tokenized non-cash collateral like stablecoins. The program is set to be discussed at an upcoming CEO Forum featuring Circle, Coinbase, Crypto.com, MoonPay, and Ripple.
“I’m excited to announce this groundbreaking initiative for U.S. digital asset markets,” Pham said in a press release on Feb. 7. “The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump administration’s promise of ensuring that America leads the way on economic opportunity.”
The CFTC’s Global Markets Advisory Committee (GMAC) has been pushing for integration of blockchain technology in finance, and last year, its Digital Asset Markets Subcommittee recommended allowing tokenized non-cash collateral in derivatives trading.
The U.S. has lagged behind other financial markets in token adoption. Europe and Asia have already moved ahead with digital government bond issuances and blockchain-based institutional repo markets, handling over $1.5 trillion in transactions on enterprise platforms.
“Now, we can finally begin to make progress on U.S. regulatory clarity for digital assets with today’s GMAC recommendation on tokenized non-cash collateral,” Pham said. “This is a significant first step toward realizing these opportunities for our derivatives markets—with exactly the same guardrails and protections in place.”
Meanwhile, the CFPB remains in an uncertain state. Acting Director Russell Vought, who also serves as head of the White House Office of Management and Budget, has reportedly ordered the agency to halt most of its operations. McKernan, Trump’s nominee for the permanent role, will inherit an agency in limbo if confirmed.
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