Brian Quintenz, the choice of US President Donald Trump to chair the American Futures Trading Commission (CFTC) commodity, is expected to appear before the legislators while his appointment is advancing in the Senate. Its role could develop considerably whether the current legislation changing the surveillance of cryptography to the agency becomes the law.
The Senate of Agriculture will hold a meeting to examine the appointment of Quintenz on Monday before a potential ground for the ground. The meeting will follow an audience held by the committee in June, marking the first stage of its appointment since Trump announced in February.
The Committee meeting will take place as the Senate should examine the law on digital asset market on Thursday after adoption in the House of Representatives on Thursday.
The bill on the structure of the digital asset market should give more authority to the CFTC on the regulation of cryptocurrencies in a change in surveillance now led by the Securities and Exchange Commission (SEC).
In addition, the potential confirmation of quintenz to the American financial regulator could completely upset the staff of the commission after the end of resignations and conditions.
In July, only the acting president of the CFTC, Caroline Pham, and Commissioner Kristin Johnson served the agency, but the two should leave in 2025, leaving Quintenz, a republican, as potentially her only member. Trump had not announced any other appointment for the commissioner on Friday.
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The structure of the crypto market still has ways to go to Congress
Although the Chamber adopted the Clarity Act with significant bipartisan support, it was not clear at the time of publication if the bill would have the votes to adopt in the Senate, or what modifications would be offered for legislation.
Leadership at the senatoric banking committee said in June that they had planned to adopt the bill before October.
https://www.youtube.com/watch?v=alc2u0ynfca
The impact of the bill finalized on the CFTC and the SEC and their role in the regulation of digital assets remain to be seen. However, Pham publicly supported the market structure and Stablecoin invoices, giving most of the credit to Trump for their visit.
“The CFTC is ready to fulfill our mission and supervise our markets which allow American economic and competitiveness on Friday,” the acting president said.
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