Brian Quintenz Nominated as CFTC Chairman with Significant Crypto Ties
Brian Quintenz, nominated by former President Donald Trump to lead the Commodity Futures Trading Commission (CFTC), has revealed his substantial assets totaling $3.4 million, along with strong connections to the cryptocurrency sector and prediction markets.
Involvement in Crypto and Prediction Markets
Quintenz previously held a position as a CFTC Commissioner from 2017 until 2021 and is now the Global Head of Crypto Policy at a16z, the blockchain-focused investment division of Andreessen Horowitz. He plans to step down from this role once he is confirmed as the CFTC Chair by the U.S. Senate. Additionally, he serves on the board of Kalshi, a U.S.-based prediction market, and possesses both stock and unvested stock options in the company. Furthermore, he has vested stock options in Next Level Derivatives, a finance and lending brokerage.
Investment Interests Raising Ethical Concerns
His financial interests extend to several investment funds, including AH Capital Management and various CNK funds. This close association with the crypto and prediction markets has sparked concerns regarding potential conflicts of interest, particularly as the CFTC is responsible for regulating these areas. In response, Quintenz sent an agreement letter to John Einstman, the CFTC’s Designated Agency Ethics Official, on May 21, affirming his commitment to avoiding any conflicts if confirmed as Chair. “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 emphasized. Moreover, he has pledged to resign from all current positions and divest any conflicting assets within 90 days following his confirmation.
Transitioning Leadership at the CFTC
Quintenz is set to take over from Rostin Behnam, who left the regulatory post after the Trump administration assumed power, with Caroline Pham currently acting as the agency’s head. Meanwhile, Paul Atkins, the newly appointed SEC Chair, disclosed approximately $6 million in crypto-related investments, including interests in Anchorage Digital, a crypto custody platform, and Securitize, a blockchain tokenization firm. Together with his wife, Sarah Humphreys Atkins, they boast a joint net worth of $327 million. As Quintenz prepares for his new role, it is anticipated that the remaining four Commissioners will also exit the agency. Recently, Democrat Commissioner Kristin Johnson announced her plan to resign later this year, while Republican Commissioners Summer Mersinger and Christy Goldsmith Romero are expected to depart this week. Pham has suggested she may also leave once the new Chair is appointed.
