Conflict of Interest? Incoming CFTC Chair Has Deep Ties | Crypto Work Pro
Brian Quintenz, whom US President Donald Trump nominated to be the subsequent Chairman of the Commodity Futures Trading Commission (CFTC), disclosed $3.4 million in property, together with deep ties to the crypto industry and prediction markets.
Active Roles in Crypto and Prediction Markets
Quintenz, who served as a CFTC Commissioner from 2017 to 2021, is presently the Global Head of Crypto Policy at a16z, the crypto arm of the enterprise capital firm Andreessen Horowitz. He will resign after the US Senate confirms him because the CFTC Chair.
He can also be a board member at Kalshi, a US-based prediction market, and owns stock and unvested stock choices within the firm. He additionally holds stock and vested stock choices within the finance and lending brokerage Next Level Derivatives.
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His pursuits additional lengthen to AH Capital Management investment funds, CNK Fund III, CNK Seed 1 Fund, and CNK IV Fund. He additionally has capital commitments to associated normal companions.
His ties to crypto and prediction markets have raised issues over a potential battle of curiosity, given his position as one of the highest US regulators. The CFTC oversees each markets. Quintenz, nevertheless, addressed this in an settlement letter despatched to John Einstman, the CFTC’s Designated Agency Ethics Official, dated 21 May. He confirmed that he would keep away from any conflicts of curiosity if confirmed because the CFTC Chair.
Read more: CFTC Folds Its Hand in Election Betting Showdown with Kalshi
“I will not participate personally and substantially in any particular matter in which I know that I have a financial interest directly and predictably affected by the matter,” he said.
He may even resign from all positions and divest all conflicting property within 90 days of his affirmation.
CFTC Commissioners Stepping Down
Quintenz will change Rostin Behnam, who departed from the highest regulatory position after the Trump administration took workplace, placing Caroline Pham in charge of the company. She continues to be serving because the Acting CFTC Chair.
Paul Atkins, who took over as SEC Chair, revealed in his affirmation disclosure that he holds round $6 million in crypto-related investments, together with stakes within the crypto custody platform Anchorage Digital and blockchain tokenisation firm Securitize. He and his spouse, Sarah Humphreys Atkins, have a joint internet value of $327 million.
Meanwhile, as Quintenz prepares to take over the CFTC Chair, the opposite 4 Commissioners are anticipated to go away the company. Democrat Commissioner Kristin Johnson introduced earlier this month that she’s going to step down later this yr. Commissioners Summer Mersinger and Christy Goldsmith Romero, each Republicans, will step down later this week. Pham has additionally hinted at her departure as soon as the new Chair takes over.
Brian Quintenz, whom US President Donald Trump nominated to be the subsequent Chairman of the Commodity Futures Trading Commission (CFTC), disclosed $3.4 million in property, together with deep ties to the crypto industry and prediction markets.
Active Roles in Crypto and Prediction Markets
Quintenz, who served as a CFTC Commissioner from 2017 to 2021, is presently the Global Head of Crypto Policy at a16z, the crypto arm of the enterprise capital firm Andreessen Horowitz. He will resign after the US Senate confirms him because the CFTC Chair.
He can also be a board member at Kalshi, a US-based prediction market, and owns stock and unvested stock choices within the firm. He additionally holds stock and vested stock choices within the finance and lending brokerage Next Level Derivatives.
You may like: Event Contracts Are Set to Become a “Trillion Dollar Asset Class”
His pursuits additional lengthen to AH Capital Management investment funds, CNK Fund III, CNK Seed 1 Fund, and CNK IV Fund. He additionally has capital commitments to associated normal companions.
His ties to crypto and prediction markets have raised issues over a potential battle of curiosity, given his position as one of the highest US regulators. The CFTC oversees each markets. Quintenz, nevertheless, addressed this in an settlement letter despatched to John Einstman, the CFTC’s Designated Agency Ethics Official, dated 21 May. He confirmed that he would keep away from any conflicts of curiosity if confirmed because the CFTC Chair.
Read more: CFTC Folds Its Hand in Election Betting Showdown with Kalshi
“I will not participate personally and substantially in any particular matter in which I know that I have a financial interest directly and predictably affected by the matter,” he said.
He may even resign from all positions and divest all conflicting property within 90 days of his affirmation.
CFTC Commissioners Stepping Down
Quintenz will change Rostin Behnam, who departed from the highest regulatory position after the Trump administration took workplace, placing Caroline Pham in charge of the company. She continues to be serving because the Acting CFTC Chair.
Paul Atkins, who took over as SEC Chair, revealed in his affirmation disclosure that he holds round $6 million in crypto-related investments, together with stakes within the crypto custody platform Anchorage Digital and blockchain tokenisation firm Securitize. He and his spouse, Sarah Humphreys Atkins, have a joint internet value of $327 million.
Meanwhile, as Quintenz prepares to take over the CFTC Chair, the opposite 4 Commissioners are anticipated to go away the company. Democrat Commissioner Kristin Johnson introduced earlier this month that she’s going to step down later this yr. Commissioners Summer Mersinger and Christy Goldsmith Romero, each Republicans, will step down later this week. Pham has additionally hinted at her departure as soon as the new Chair takes over.
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