Ripple CEO Brad Garlinghouse has congratulated American financial manager Brian Quintenz on his nomination for the chair of the Commodity Futures Trading Commission (CFTC).
“The CFTC plays a vital role in making sure the US has the most robust capital markets in the world,” Garlinghouse said in his social media statement.
The CFTC has long been the preferred regulator of the cryptocurrency industry.
Earlier, Garlinghouse spoke favorably of the Financial Innovation and Technology for the 21st Century Act (FIT21). The bill, which passed the House last May, would make the CFTC the main overseer of the nascent industry.
Quintenz, the head of policy at Andreessen Horowitz’s cryptocurrency division, will replace Rostin Behnam. The latter departed the agency on Jan. 20 alongside former SEC boss Gary Gensler.
As reported by U.Today, CFTC Commissioner Caroline Pham is currently serving as the agency’s acting chair.
Quintenz’s nomination has been widely celebrated within the cryptocurrency industry.
Matt Hougan believes that his leadership will benefit the decentralized finance (DeFi) industry.
“DeFi assets should be flying on the Quintenz news. He’s one of the most outspoken, informed, and clear supporters of (good) DeFi I know,” Hougan said.
“With Quintenz’s CFTC chair nomination championing US blockchain technology and Peirce’s SEC task force defining clear crypto priorities, we’re seeing a coordinated regulatory vision emerge,” Luis Rincon of Messari opined on social media.
It is worth noting that Quintenz previously served as a CFTC commissioner. During his term, the agency approved Bitcoin futures.
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