Crypto groups endorse Brian Quintenz for CFTC amid regulatory standoff with banks

The Crypto Council for Innovation (CCI) and the Blockchain Association jointly issued a letter on Aug. 20 endorsing Brian Quintenz for Chairman of the US Commodity Futures Trading Commission (CFTC).

In the letter to President Donald Trump, the groups emphasized that confirming Quintenz promptly is critical to advancing his administration’s agenda to foster a “golden age” for digital assets in America.

According to the group:

“Each of our organizations has had the privilege of knowing and working with Mr. Quintenz firsthand, and we can attest to his deep expertise, sound judgment, proven leadership, and integrity.”

They further noted that Quintenz’s experience positions him to guide the CFTC at a decisive moment for US financial markets and the broader digital asset ecosystem.

Their endorsement also frames him as uniquely equipped to implement regulations that support responsible innovation, safeguard market integrity, and maintain American economic competitiveness.

They wrote:

“Mr. Quintenz’s extensive experience and substantive and technical understanding of blockchains, digital assets, and financial markets makes him exceptionally well-suited to lead the CFTC at this critical juncture.”

Quintenz, who was nominated in February, saw his confirmation vote delayed after concerns arose over potential conflicts of interest, highlighted by notable industry figures like the Gemini co-founders Tyler and Cameron Winklevoss.

Pushback against bankers

The same coalition also opposed a recent initiative by US banks to amend provisions in the GENIUS Stablecoin Regulation Act.

In an Aug. 19 letter, the groups argued that the proposed changes would create an uncompetitive environment favoring banks while limiting broader industry growth, innovation, and consumer choice.

Last week, the Bank Policy Institute (BPI) and other banking groups urged lawmakers to address what they described as a legislative gap that prevents exchanges and affiliated firms from offering indirect yields on stablecoins.

The traditional financial institutions warned that this gap could drive up to $6.6 trillion in deposits from the traditional banking sector into digital assets.

However, the crypto organizations countered that payment stablecoins operate under distinct frameworks and should not be treated like bank products.

They stressed that allowing regulated platforms to share benefits with customers is “a feature that promotes financial inclusion, fosters innovation, and ensures American leadership in the next generation of payments.”

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