Commissioner Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC) has indicated that she will leave her post once Brian Quintenz is formally named the new chair. Former CFTC commissioner Quintenz, the present global head of policy at Andreessen Horowitz, is seeking U.S. Senate approval before taking over the agency.
Following his appointment by President Joe Biden, Goldsmith Romero, who has been employed with the CFTC since 2022, revealed her choice in a statement dated February 25. Kristin Johnson will be the only Democrat on the five-member commission once Quintenz has confirmation. Agency rules state that no more than three commissioners can be members of the same political party; hence, a Democrat must occupy the open seat.
Goldsmith Romero was instrumental in restoring the technology advisory council, meant to direct the agency on digital assets and emerging technologies. She also backed the CFTC’s legal action directed against Changpeng “CZ” Zhao, former CEO of Binance, for allegedly running an unregistered derivatives exchange. Filmed in March 2023, the lawsuit brought a $2.7 billion settlement with Binance along with a $150 million penalty for Zhao.
Previously employed at the CFTC from 2017 to 2021, Quintenz has been a strong proponent of introducing digital asset derivatives into federal regulatory systems. Originally published on February 12, Quintenz himself confirmed his nomination on social media later on.
The change in leadership coincides with a period of evolving influence of the CFTC in crypto regulation. Industry insiders expect a more positive attitude regarding digital assets under Quintenz’s direction. Concurrent with this, the Securities and Exchange Commission (SEC) has come under increasing fire for its policies; some claim that these have generated uncertainty for the cryptocurrency sector.
Market players will be keenly observing how the new CFTC leadership positions the agency on cryptocurrencies and more general financial rules as the political environment changes.
