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Crypto, DeFi New Frontier: Outgoing CFTC Commissioner Brian Quintenz

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Sun, 08/22/2021 - 17:24
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Vladislav Sopov
Pro-crypto commissioner of Commodity Futures Trading Commission (CFTC) dismissed the idea that Web3 segment is like Wild West
Crypto, DeFi New Frontier: Outgoing CFTC Commissioner Brian Quintenz
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Seasoned crypto advocate Brian Quintenz releases a statement on cryptocurrencies and decentralized finances. Three days ago, he announced that he is going to step down on Aug. 31.

No longer "Wild West"

According to a statement shared by one of two Republicans on the CFTC, Mr. Brian Quintenz, digital currencies and DeFi segment do not seem to be the "Wild West."

Instead, these spheres are closer to what is called a "completely new frontier" for global finances.

As covered by U.Today previously, the cryptocurrencies segment was labeled the "Wild West" by a number of watchdogs and analysts. Namely, the U.K. parliament used such a label in its official report.

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UK Parliament Calls Crypto “Wild West”, Insisting On Regulation ASAP: Report

Also, prominent trader Jim Iuorio called Bitcoin (BTC) and cryptocurrecies the "Wild West" in his CNBC interviews.

Are cryptocurrencies securities?

Mr. Quintenz is well known as a longtime cryptocurrencies advocate. On Aug. 19, 2021, he announced that he would not seek re-nomination for another term on the CFTC.

His next career steps will be in a private sector, he adds. However, his occupation will be related to the crypto and DeFi segments:

I look forward to keeping innovation, particularly related to crypto and DeFi, relevant to my career and will continue advocating for the freedom, innovation, inclusion, and prosperity they offer.

As covered by U.Today previously, Mr. Quintenz unambigously stated that Ethereum (ETH) is a "non-security" commodity.

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Is Ethereum (ETH) a Security? CFTC's Commissioner Brian Quintenz Answers

Ethereum (ETH) futures contracts are solely in the CFTC's jurisdiction; thus, Ethereum is not regulated as a security in the U.S., Mr. Quintenz added.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)