According to a recent report by Bloomberg, Brian Quintenz, the head of crypto policy at venture capital giant Andreessen Horowitz, appears to be on track to spearhead the Commodity Futures Trading Commission (CFTC).
Quintenz, a former CFTC commissioner, could undoubtedly steer the regulatory agency in a more crypto-friendly direction.
Cryptocurrency industry leaders have long advocated for making the CFTC its primary overseer.
During a recent appearance on the "60 Minutes" program, former SEC official John Reed Stark noted that the SEC was 10 times the size of the CFTC.
Stark has noted that the CFTC is a much easier regulatory regime, which is why it is not surprising that the cryptocurrency industry wants to be under its purview.
"The SEC's mandate is one of investor protection. They have legions of attorneys who go out and do these inspections examinations and audits the CFTC is more about the Integrity of the marketplace," he added.
The House passed a bill that would make the CFTC the crypto industry's primary regulator back in May. However, it has yet to be passed by the Senate. In September, it was referred to the Committee on Banking, Housing, and Urban Affairs.
Under the leadership of Gary Gensler, the SEC has cracked down on various prominent cryptocurrency companies, including Coinbase.
As reported by U.Today, pro-crypto libertarian Paul Atkins was recently picked to replace Gensler as the new head of the SEC.
The nomination was endorsed by cryptocurrency leaders who are hopeful that the formidable regulatory agency will adopt a more lenient stance toward their industry.
Arman Shirinyan
Dan Burgin
Vladislav Sopov