Other pro-crypto candidates are also being considered for key leadership positions. Arkansas Representative French Hill, who is a well known pro-crypto advocate, was chosen to lead the House Financial Services Committee. Meanwhile, billionaire Mark Cuban linked the Biden administration’s stance on crypto and its supporters to Kamala Harris’ election loss, Texas is also jumping onto the Bitcoin reserve waggon, and proposed a Bitcoin reserve bill funded by voluntary donations.
Brian Quintenz in Line for Top CFTC Position
Brian Quintenz, a former commissioner of the United States Commodity Futures Trading Commission (CFTC), is reportedly the leading candidate for the agency’s chairmanship under President-elect Donald Trump’s administration. According to a Bloomberg report, Quintenz has already been interviewed for the position.
Quitenz currently serves as the head of policy at Andreessen Horowitz’s crypto division, a16z, and his background includes major contributions to financial innovation and regulatory frameworks during his tenure at the CFTC between 2017 and 2021. Many people believe his appointment could be pivotal in addressing the long-standing jurisdictional ambiguity over cryptocurrencies between the CFTC and the U.S. Securities and Exchange Commission (SEC).
Quintenz’s record at the CFTC is riddled with consistent advocacy for integrating digital asset derivatives and event contracts into the agency’s regulatory framework. At a16z, he also still pushed for balanced crypto regulations that promote growth while addressing compliance challenges.
By leveraging his experience in both traditional finance and crypto policy, Quintenz plans to bridge the regulatory divide between these sectors. He has also been a very outspoken critic of the SEC, particularly with regards to its treatment of Ethereum (ETH). In March, he questioned the SEC’s stance, and pointed out that the approval of Ether futures ETFs was implicit recognition of Ether as a non-security asset. He also argued that if the SEC truly viewed ETH as a security, the approved futures contracts would be deemed illegal.
Recent developments validated his position even more, especially as spot Ether ETFs are thriving and recording impressive inflows. These ETFs even registered a record $431.5 million in a single day on Dec. 5.
Quintenz’s expertise when it comes to navigating these complex regulatory issues is expected to be instrumental as the crypto industry anticipates major policy shifts under the Trump administration.
A16z, is a major player in the crypto space, and has invested in many well known projects in the industry, including Maker, Solana, Avalanche, Aptos, and OpenSea, among others. The firm believes the new administration could provide greater regulatory flexibility that will encourage innovation and experimentation in the crypto sector. Quintenz’s potential leadership at the CFTC could be one step forward towards this goal.
French Hill to Lead House Financial Services Committee
Arkansas Representative French Hill, who is a known advocate for crypto and blockchain policy, is set to lead the United States House Financial Services Committee in the upcoming Congress. Hill is currently the chair of a digital asset subcommittee, and was selected to take over from Patrick McHenry, who is stepping down after two decades in office.
Hill is very grateful for the trust that was placed in him by his colleagues, and stated that he looks forward to collaborating with President Trump and Senate Banking Committee Chair Tim Scott to implement economic policies that will boost American prosperity.
The House Financial Services Committee plays a critical role in shaping policy for the financial services industry and oversees major regulators like the SEC, the Federal Reserve, and the Treasury. On the bright side, Hill’s leadership means that the pro-crypto momentum within the committee is continuing. In July, Hill shared his optimism about advancing key legislation, including a crypto regulation bill and a stablecoin bill, before the end of the year. Now, with Hill positioned in an influential role, these measures could gain some renewed traction in 2025.
Hill’s leadership appointment happened after his victory over fellow Republican contenders Andy Barr, Frank Lucas, and Bill Huizenga in the party’s steering committee decision. His selection must still be ratified by a full conference vote.
Mark Cuban Ties Crypto to Harris Election Loss
Politicians are not the only ones looking to advocate for crypto. In a recent episode of The Weekly Show with Jon Stewart, billionaire Mark Cuban discussed the role of crypto in the 2024 U.S. presidential election, his support for Vice President Kamala Harris, and the future of digital assets.
The Weekly Show
Cuban revealed that he strongly urged the Harris campaign to appeal to young men, due to their connection to crypto communities. He warned Harris and SEC Chair Gary Gensler that the administration’s crypto policies could have cost her the election as many young men voted against her, partly due to their dissatisfaction with the administration’s stance on digital assets.
Cuban is known to be a vocal advocate for crypto, and offered himself as a potential replacement for Gensler if Harris won. However, after Donald Trump’s victory, the focus shifted. Trump ended up announcing plans to nominate former SEC Commissioner Paul Atkins to lead the regulatory agency in 2025.
During the podcast, Stewart described himself as having limited knowledge of blockchain, and engaged Cuban in a discussion comparing cryptocurrency investments to gambling. Cuban explained the fundamentals of Bitcoin, and compared it to digital gold. He also outlined some of its advantages as a store of value, its capped supply, and its efficiency in remitting funds. Additionally, they delved into the SEC’s regulatory approach under Gensler, which classified many tokens as securities. Stewart humorously acknowledged his lack of understanding, and referred to the conversation as “Digital Currency for Dummies.”
Stewart also had a 2022 discussion with Cuban on cryptocurrencies and decentralized autonomous organizations (DAOs). That conversation took place before a major market downturn that impacted crypto firms like FTX and Celsius.
Texas Also Eyes Bitcoin Reserve
A new legislative proposal in Texas aims to establish a Bitcoin reserve as part of the state treasury. The draft bill was tentatively named the ”Texas Strategic Bitcoin Reserve Act,” and was introduced on Dec. 12 by Representative Giovanni Capriglione.
The legislation proposes that Bitcoin be held as a reserve asset by the state comptroller for a minimum of five years. Unlike other proposals for national Bitcoin reserves, the Texas bill does not include provisions for using crypto assets seized by authorities, but focuses instead on voluntary donations from residents, companies, and other state resources.
The Texas Blockchain Council clarified that no taxpayer funds will be used to buy Bitcoin. This measure was likely included to increase the bill’s chances of passing. Donations from Texans and U.S.-based companies are expected to fund the reserve. To become law, the bill needs a two-thirds majority vote in both the Texas Senate and House. The state legislature is scheduled to reconvene on Jan. 14 for its 89th regular session.
This proposal is very similar to efforts in other states. In Pennsylvania, a Republican lawmaker introduced a bill for a Bitcoin reserve modeled after a framework developed by the advocacy group Satoshi Action Fund. The group’s co-founder, Dennis Porter, confirmed that Texas drew inspiration from the same framework.
These initiatives come in the wake of the 2024 U.S. elections, which saw Republicans gaining control of the presidency and Congress. During his campaign, President Donald Trump pledged to explore the creation of a strategic national Bitcoin stockpile.
This article was originally Posted on Coinpaper.com
