Crypto-friendly CFTC Commissioner Brian Quintenz is reportedly planning to step down

Brian Quintenz, a commissioner for the Commodity Futures Trading Commission (CFTC), is reportedly planning to depart the company on Aug. 31.

Quintenz is anticipated to announce a transfer into the private sector after leaving the CFTC later this month, in accordance to a report within the Wall Street Journal on Thursday. He urged that his future profession might deal with “innovation, especially in relation to crypto and DeFi,” and plans to proceed advocating the crypto area.

Quintenz was first nominated for the place by President Barack Obama in March 2016, earlier than being nominated once more by Trump in May 2017 and confirmed in August to keep “until there is an earlier confirmation of my successor or 10/31/2020”, then prolong to “until the Senate acts in the affirmative. “

Many within the business know Quintenz as one of many main pro-crypto voices on the CFTC. He has argued that cryptocurrencies like Bitcoin (BTC) needs to be regulated by the CFTC slightly than the Securities and Exchange Commission, and in addition urged gamers within the crypto business to create a framework.

Related: US lawmakers are calling on the CFTC and SEC to kind a joint working group on digital property

The CFTC has 5 commissioners on its board. With the departure of Quintenz and former President Heath Tarbert, there are two vacant seats that will likely be stuffed by nominations from President Joe Biden. CFTC Commissioner Rostin Behnam has been chairman since Tarbert left in January.