U.S. CFTC Chair nominee: Strengthening crypto regulation requires more resources

ChainCatcher news, according to The Block, Brian Quintenz, the nominee for chairman of the Commodity Futures Trading Commission (CFTC) selected by Trump, stated at a Senate hearing that if the CFTC gains more regulatory authority over cryptocurrencies, it will require additional funding support. Several senators agreed, with Minnesota Democratic Senator Amy Klobuchar emphasizing that the CFTC needs to have sufficient personnel and resources to address emerging challenges.

Quintenz previously served as the global policy head for the a16z crypto fund and was a CFTC commissioner from 2017 to 2021. If confirmed, he will be the only sitting commissioner at the CFTC, as the other four commissioners have recently resigned or announced plans to resign. Currently, the U.S. Congress is reviewing a bill that may expand the CFTC's regulatory authority over digital assets, while the agency has fewer than a thousand employees, far below the SEC's scale of 4,000.