Trump's CFTC Pick Announces Nomination on Web3 Platform, Signaling Crypto Shift

Brian Quintenz, President Donald Trump's nominee to lead the Commodity Futures Trading Commission (CFTC), has announced his nomination on Farcaster, a Web3 social media platform. This move signals a potential shift in the regulatory agency's stance on cryptocurrency.

On February 12, Quintenz, currently the head of policy for the Web3 venture firm a16z Crypto, revealed that he was accepting Trump's nomination to head the CFTC, the top US financial regulator after the US Securities and Exchange Commission. This announcement comes as a stark contrast to the chilly posture towards crypto under former President Joe Biden, who stepped down on January 20.

During Biden's tenure, US financial regulators brought more than 100 lawsuits against crypto firms for perceived legal violations. Quintenz's nomination, however, suggests a more favorable approach towards cryptocurrency under the Trump administration.

In his Farcaster post, Quintenz stated that the CFTC is "well poised to ensure the USA leads the world in blockchain technology and innovation." He also announced his nomination on the X social media platform.

Farcaster, a decentralized social media platform hosted on Ethereum, has approximately 50,000 daily active users, primarily on Warpcast, its most popular client. It is used almost exclusively by the Web3 community.

Matt Hougan, chief investment officer at Bitwise, described Quintenz as an outspoken supporter of decentralized finance (DeFi) in a February 12 X post. He suggested that DeFi assets should be flying on the news of Quintenz's nomination.

Quintenz still needs to participate in a Senate hearing and win a vote for approval before becoming the CFTC's chair. If approved, he will replace Rostin Behnam as head of the commission.

Quintenz joined the board of Kalshi, a crypto-friendly prediction market, in 2021. He previously worked at the CFTC as a Republican commissioner from August 2017 to September 2021. In December, Trump nominated Paul Atkins, a former commissioner, to the CFTC as well.