Commodity Futures Trading Commission (CFTC) Commissioner Brian D. Quintez has decided to not pursue a re-nomination and his 5 year term expires at the end of this month. Notably, Commissioner Quintez was quite favorable towards the crypto space, and likely played a critical role in getting CFTC approval for Bitcoin Futures/Options.
In fact, Commissioner Quintez’s end of term statement mentions Bitcoin and other crypto space related developments: “During my term, the agency has overseen the listing of Bitcoin futures contracts, the custody of digital assets within the traditional clearing infrastructure, the proliferation of blockchain technology, and the creation of crypto-graphic, tokenized commodities.”
Indeed, during Commissioner Quintez’s term, Bitcoin Futures launched for the first time on the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBoE), and now physical Bitcoin Futures have launched on Bakkt, among a growing number of other crypto futures exchanges that have been approved by the CFTC. Further, CME and Bakkt have launched Bitcoin Options as well.
It appears Commissioner Quintez has been essential to the CFTC approval of new crypto trading products and services, especially since he was a sponsor of the CFTC Technology Advisory Committee.
It could perhaps be viewed as a bad thing that one of the most pro-crypto CFTC Commissioners is leaving office. However, it is possible that the relationship between the crypto space and the CFTC has become established enough so that the entrance of a new commissioner won’t reverse the CFTC’s stance on crypto.
On a final note, Commissioner Quintez has called for the crypto space corporations to become self-regulating, because the CFTC has nowhere near enough manpower to thoroughly enforce regulations in the crypto space. However, it does not appear that any progress has been made towards a self-regulating system for the crypto industry.