Senate committee to consider Trump’s pick for CFTC chair

Brian Quintenz, a former commissioner on the US Commodity Futures Trading Commission (CFTC), may have the opportunity to chair the agency after his nomination by President Donald Trump moved to the Senate Agriculture Committee.

According to the calendar of the US Senate Committee on Agriculture, Nutrition, and Forestry, Quintenz willappearfor a hearing on June 10 to consider his nomination as CFTC chair. The nomination hearing follows thedepartures of commissioners Summer Mersingerand Christy Goldsmith Romero at the end of May, leaving the five-seat panel with only two Senate-confirmed members as of June 1.

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

In the lead-up to the confirmation hearing, Quintenzreportedly disclosed positionsin 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.

Related:Former CFTC lawyer says agency should take lead on memecoin regulations

Donald Trump’s CFTC as early as 2026?

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.

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