Brain Quintenz, President Donald Trump’s pick to take over the Commodity Futures Trading Commission that’s anticipated to be the premiere U.S. crypto regulator, needs a sign-off from the Senate Agriculture Committee before he can get a confirmation vote. But that step has now been delayed a second time.
The committee was set to vote on the former CFTC commissioner’s nomination Monday afternoon, but a last-minute change struck his advancement from consideration during the scheduled voting. After his committee vote had already been delayed from last week with even less notice, Quintenz is struggling to leap this first hurdle before the wider Senate confirmation decision.
By next week, the Senate will be dispersed on its August recess, leaving any hanging personnel approvals delayed by further weeks. That leaves the U.S. commodities agency in a tenuous position regarding what’s already a delicate leadership situation at the CFTC.
Quintenz is meant to take over just as Congress is weighing legislation that would elevate the CFTC to regulate the bulk of the U.S. crypto markets, including trading in bitcoin
. Meanwhile, the regulator is helmed by Commissioner Caroline Pham, a Republican who Trump installed as acting chair. But she’s planning to leave when Quintenz arrives, and her fellow Republicans have already left.
That means the remaining commissioner would be Democrat Kristin Johnson, who has also announced her intent to depart soon. If she goes before or shortly after the Republican chairman arrives, Quintenz would be left as the sole member of the five-person commission.
President Trump has been waging a political battle throughout the executive-branch agencies by attempting to strip them of Democrats, despite rules in which the commissions are meant to be comprised of members of each of the two major parties. At the CFTC, circumstances are accomplishing that without intervention from Trump, though some agency observers wonder about the legal foundation for policy decisions if they’re made by a one-person commission.
Still, Quintenz needs to be confirmed first. Much of the rest of Trump’s slate of financial regulators has been filled, including Securities and Exchange Commission Chairman Paul Atkins.
While the House of Representatives recently passed the Digital Asset Market Clarity Act with a massive bipartisan vote, that bill to regulate the U.S. crypto markets (including assigning the CFTC as the new watchdog for the spot trading of digital assets that aren’t securities), the Senate is working on its own version of that bill. Senate Banking Committee Chairman Tim Scott set a Sept. 30 deadline to finish it, but the Senate Agriculture Committee also has to sign off, leaving Scott’s rapid schedule in some uncertainty.
Read More: U.S. CFTC’s Johnson Says She’ll Also Exit, Leaving an Empty House for Incoming Chair
