Trump’s CFTC Nominee Brian Quintenz Discloses Crypto Ties and $3.4 Million in Assets
Background on Brian Quintenz’s Nomination
Brian Quintenz, nominated by former President Donald Trump to lead the Commodity Futures Trading Commission (CFTC), has made headlines following the disclosure of his significant involvement in the cryptocurrency sector and his substantial asset portfolio valued at approximately $3.4 million. As detailed in documents released by the U.S. Office of Government Ethics, Quintenz’s ties to various crypto-related firms intersect with the regulatory priorities of the CFTC.
Investment and Positions in Crypto-Related Firms
Quintenz previously served as a CFTC commissioner from 2017 to 2021 and is currently the global head of crypto policy at venture capital firm Andreessen Horowitz. He has pledged to step down from this position if he is confirmed as CFTC chair. His financial disclosure reveals interests in three investment funds managed by AH Capital Management, specifically CNK Fund III, CNK Seed 1 Fund, and CNK IV Fund, alongside capital commitments to related partners.
In addition to these funds, Quintenz holds a board position at Kalshi, a prediction markets platform recently involved in a legal settlement with the CFTC regarding election betting practices. He also possesses stock and unvested stock options in Kalshi, as well as stock and vested stock options in Next Level Derivatives, a finance and lending brokerage.
Conflict of Interest Guidelines
To mitigate potential conflicts of interest resulting from his financial interests, Quintenz outlined his compliance steps in a letter to John Einstman, the CFTC’s Designated Agency Ethics Official. In this correspondence, he committed to not participating in any matters that would predictably affect his financial interests and pledged to divest conflicting assets within 90 days of his potential confirmation.
Quintenz’s plan includes resigning from all positions held in the companies mentioned, including recusing himself from matters related to Andreessen Horowitz for two years and Kalshi for one year. Furthermore, he indicated he would forfeit any unvested stock options associated with these firms.
Current Status and Expectations for Confirmation
Trump nominated Quintenz to head the CFTC in February, and the nominee is currently awaiting Senate confirmation. His potential appointment comes at a time when the CFTC is experiencing an exodus of commissioners. Recently, Democrat Commissioner Kristin Johnson announced her intention to leave the agency, with Commissioners Summer Mersinger and Christy Goldsmith Romero also set to vacate their positions at the end of May.
As Quintenz navigates the confirmation process, his approach to managing conflicts of interest will be closely scrutinized, particularly as the CFTC continues to grapple with the expanding influence and regulation of cryptocurrencies in the U.S. financial landscape.
Share this article:
