REGULATION

After experiencing the launch of Bitcoin and Ethereum futures, the CFTC commissioner, before stepping down, stated: Crypto and DeFi are not the Wild West, but rather the frontier of finance.

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After experiencing the launch of Bitcoin and Ethereum futures, the CFTC commissioner, before stepping down, stated: Crypto and DeFi are not the Wild West, but rather the frontier of finance.

US Commodity Futures Trading Commission (CFTC) Commissioner Brian D. Quintenz, who has been in office for over four years and has announced that he will not seek reappointment, will step down on 8/31. Unlike most government officials who are against the cryptocurrency industry, he believes that crypto and DeFi are not the wild west but rather the financial frontier.

Brian D. Quintenz issued a statement on the CFTC website, the summary of which is as follows.

Extended Term

Quintenz's original statutory term was only until April of last year, with plans to leave in October. However, in the absence of a successor, he has continued in his position to ensure assistance during the transition period of the Biden administration, particularly in addressing issues related to the derivatives market and financial startups.

Quintenz believes it is time to pursue the next challenge and opportunity, and will step down as Commissioner on 8/31.

Driving Bitcoin Futures Contracts

Quintenz emphasized his mission since joining the CFTC:

  • Ensuring CFTC focuses on risks and formulates appropriate regulations
  • Embracing innovation in the financial sector
  • Enhancing coordination with domestic and international regulatory bodies

During his tenure, he assisted in promoting:

  • CFTC oversight of Bitcoin and Ethereum futures contracts
  • Digital asset custody
  • Promotion of blockchain technology
  • Tokenized products
  • The rapid expansion of DeFi

He emphasized:

The above aims to achieve innovation and transparency in the trading market. I look forward to continuing to participate in and advocate for startups in the crypto and DeFi space, promoting their spirit of freedom, innovation, and inclusivity.

CFTC Regulation is Global in Nature

Although the CFTC is a U.S. regulatory agency, Quintenz believes that the markets regulated by the CFTC are fundamentally global. He especially thanked SEC's crypto-friendly commissioner Hester Peirce for her collaboration, stating that Peirce coordinated issues of regulations, processes, and jurisdictional overlaps between the two regulatory agencies, and has taken a leadership role in regulatory matters related to DeFi and other areas.

Finally, Quintenz tweeted:

Regardless, I believe the crypto industry and DeFi are not the Wild West but rather the forefront of finance.

He also hinted that his next career move will be back to the private sector, while continuing to strongly advocate for innovation in the financial market and uphold the integrity of the derivatives market and financial regulation.