The Crypto Council for Innovation (CCI) and the Blockchain Association jointly published a letter on 20 August that Brian Qutenz endorses for chairman of the US Commodity Futures Trading Commission (CFTC).
In the letter to President Donald Trump, the groups emphasized that confirming Qutenz is immediately crucial to promote the agenda of his administration to promote a “Golden Age” for digital assets in America.
According to the group:
“Each of our organizations has had the privilege of knowing and working Mr Quintenz firsthand, and we can confirm his deep expertise, healthy judgment, proven leadership and integrity.”
They also noted that Qutenz’s experience positions him to guide the CFTC at a decisive moment for American financial markets and the wider ecosystem of digital assets.
Their approval also approves him as uniquely equipped to implement rules that support responsible innovation, guarantee market integrity and retain the US economic competitiveness.
They wrote:
“The extensive experience and content and technical understanding of Mr Quintenz of Blockchains, digital assets and financial markets makes him exceptionally well suited to lead the CFTC at this critical moment.”
Quintenz, who was nominated in February, saw his confirmation voice delayed after the concerns arose about possible conflicts of interest, emphasized by remarkable industrial figures such as the Gemini co-founders Tyler and Cameron Winklevoss.
Pushback against bankers
The same coalition also opposed a recent initiative of American banks to change provisions in the Genius Stablecoin Regulation Act.
In a letter of 19 August, the groups argued that the proposed changes would create a non -competitive environment that benefits banks and at the same time limit the broader growth, innovation and consumer choice.
Last week, the Bank Policy Institute (BPI) and other banking groups fored to tackle what they described as a legislative gap that prevents exchanges and affiliated companies from offering indirect returns on Stablecoins.
The traditional financial institutions warned that this gap could float up to $ 6.6 trillion to deposits of the traditional banking sector in digital assets.
However, the crypto organizations have prevented that payment stable coins work under different frameworks and should not be treated as bank products.
They emphasized that allowing regulated platforms to share benefits with customers, “a function is that promotes financial inclusion, promotes innovation and ensures American leadership in the next generation of payments.”