Senate to Consider Quintenz for CFTC Chair Amid Leadership Void

The Senate Committee on Agriculture, Nutrition, and Forestry has scheduled a hearing for June 10 to consider the nomination of Brian Quintenz for the position of chair of the Commodity Futures Trading Commission (CFTC). Quintenz, who previously served as a CFTC commissioner from 2017 to 2021, is currently a director at Andreessen Horowitz. The hearing is set to take place at 3 pm Eastern time and will be a significant step in the confirmation process for Quintenz, who is expected to assume the currently vacant chairmanship of the CFTC.

The nomination of Quintenz comes at a time when the CFTC is facing a leadership void, with the agency's current chairmanship position being vacant. The confirmation hearing will provide an opportunity for the Senate committee to evaluate Quintenz's qualifications and suitability for the role. Quintenz's background in both regulatory and private sector roles is expected to be a key focus of the hearing, as well as his views on the CFTC's regulatory priorities and approach to oversight.

Quintenz’s potential confirmation is expected to result in a complete changeover of the CFTC’s leadership. Former chair Rostin Behnam left the agency in February, and, with the departures of Romero and Mersinger, only acting chair Caroline Pham and Commissioner Kristin Johnson remain — both have announced plans to depart after Quintenz’s nomination and “later this year,” respectively.

In the lead-up to the confirmation hearing, Quintenz reportedly disclosed positions in crypto and market firms worth roughly $3.4 million that would potentially present conflicts of interest in his role leading the US financial regulator. Many expect the former commissioner, who also works as the global head of policy at a16z Crypto, to be an advocate for the digital asset industry.

The hearing is also significant in the broader context of the Trump administration's efforts to fill key regulatory positions. The CFTC plays a crucial role in overseeing the derivatives markets and ensuring market integrity, and the confirmation of a new chair is essential for the agency to continue its work effectively. The Senate committee's consideration of Quintenz's nomination is a critical step in this process, and the outcome of the hearing will be closely watched by industry stakeholders and market participants alike.

As of June 4, Quintenz was the only CFTC commissioner Trump had nominated in his most recent term. Assuming Pham and Johnson leave after Quintenz’s potential Senate confirmation, it would allow the president to completely remake the agency with his picks. CFTC rules require that no more than three commissioners belong to the same political party. Quintenz is a Republican, suggesting two more picks from the same party and two Democratic ones from the president. Anyone serving on the commission needs a majority vote in the Senate to be confirmed for a five-year term or to fill in for a member departing ahead of their term ending.

Pham said she intended to move into the private sector after leaving the CFTC, while at least one of the other commissioners explicitly said she would become more involved in advocating for crypto policy. Mersinger became the CEO of the Blockchain Association on June 2.