The Senate Agriculture Committee will hear from prospective CFTC chair Brian Quintenz, he could be the sole commissioner at the US regulator by the end of 2025.
US President Donald Trump’s pick to chair the US Commodity Futures Trading Commission (CFTC), Brian Quintenz, is scheduled to appear before lawmakers as his nomination moves forward in the Senate. His role could significantly expand if current legislation shifting crypto oversight to the agency becomes law.
The Senate Agriculture Committee will hold a meeting to consider Quintenz’s nomination before a potential floor vote on Monday. The meeting will follow a hearing held by the committee in June, marking the first step in his nomination since Trump announced it in February.
The committee meeting will come as the Senate expects to consider the Digital Asset Market Clarity (CLARITY) Act following its passage in the House of Representatives on Thursday.
The digital asset market structure bill expects to give the CFTC more authority over regulating cryptocurrencies, shifting oversight now conducted by the Securities and Exchange Commission (SEC).
In addition, Quintenz’s potential confirmation to the US financial regulator could completely upend the commission’s staff after resignations and ending terms.
As of July, only acting CFTC Chair Caroline Pham and commissioner Kristin Johnson were serving at the agency. Both, however, expect to depart in 2025, potentially leaving Quintenz, a Republican, as its only member. As of Friday, Trump had not announced any other nominations for commissioner.
Congress Faces Uphill Battle on Crypto Market Structure
Though the House passed the CLARITY Act with significant bipartisan support, it was unclear at the time of publication whether the bill would have the votes to pass in the Senate, or what amendments they would offer for the legislation.
In June, the Senate Banking Committee’s leadership stated a plan to pass the bill before October.
However, Pham has publicly supported the market structure and stablecoin bills, and she gives most of the credit for their passage to Trump.
On Friday, the acting chair stated, “the CFTC stands ready to fulfill our mission and oversee our markets that enable US economic growth and competitiveness.”
