The heads of the two major regulatory agencies are all “insiders”, is Trump’s crypto party about to begin?

Foresight News Two major regulatory agencies' responsible persons are all "insiders", is Trump's crypto party about to begin? Author: 1912212.eth, Foresight News Cover: Photo by Harold Mendoza on Unsplash After officially taking office, Trump has frequently introduced favorable policies. Recently, Trump has nominated Jonathan Gould, the former Chief Legal Officer of Bitfury, to serve as the Comptroller of the Currency (OCC), responsible for overseeing the national banking system. The nomination was submitted to the Senate on February 11 for a five-year term. In addition, he has also nominated Brian Quintenz, the policy director of a16z, as the chairman of the Commodity Futures Trading Commission. The influence of the Office of the Comptroller of the Currency (OCC) is not to be underestimated. It is one of the most influential bank regulatory agencies in the United States. The banks regulated by the OCC control the majority of the assets of the US banking industry, including Citibank, JPMorgan Chase, Bank of America, and other major banks. Due to the core position of the US banking system in the global financial market, the OCC's policies will affect international interbank transactions, the US dollar clearing system, and global financial stability. In recent years, the OCC has allowed national banks to provide crypto custody services and explore the integration of stablecoins and the banking system, which has a profound impact on the compliant development of the crypto industry. Kristin Smith, CEO of the crypto industry advocacy organization Blockchain Association, issued a statement saying that Gould is an excellent candidate for the Comptroller of the Currency, and his experience in the crypto industry will enable him to effectively lead the agency. Avichal Garg, co-founder of Electrify Capital, also said that Gould's nomination is a very positive development for fintech and cryptocurrency founders seeking better financial services. So who is Gould, and why does he receive such high praise? Crypto, Legal, and Financial Asset Management Impressive Resume Gould graduated from Princeton University and then obtained a Juris Doctor degree. During the first term of the Trump administration (late 2018 to mid-2021), he served as the Senior Deputy Comptroller and Chief Counsel of the Office of the Comptroller of the Currency (OCC). According to the information, during his tenure at the OCC, Jonathan led the legal and licensing team through a period of significant transformation, driving the agency to update its regulatory and licensing framework to adapt to the evolving banking industry. These reforms included major revisions to banking regulations, including the implementation of the Economic Growth Act. Under his leadership, the OCC first approved the charters of fintech and cryptocurrency banks, confirming the legality of crypto-related businesses. In 2022, Gould served as the Chief Legal Officer of Bitfury, a company that produces Bitcoin mining equipment, which was valued at $1 billion a few years ago. Gould is currently a partner at the Jones Day law firm. He also served on the board of BlackRock from 2014 to 2018. BlackRock is one of the world's largest asset management companies, with assets under management (AUM) exceeding $10 trillion, playing a pivotal role in the global financial market. CFTC Nomination of Chairman from a16z's Policy Director In addition to Gould's nomination as the Comptroller of the Currency, Trump has also nominated Brian Quintenz, the policy director of Andreessen Horowitz (a16z), as the chairman of the Commodity Futures Trading Commission (CFTC). Andreessen Horowitz is one of the most influential venture capital firms in the crypto industry, having invested in many leading crypto projects. The nomination of Quintenz, who is responsible for a16z's policy, to lead the CFTC, the main US derivatives regulator, is seen as a positive signal for the crypto industry. Conclusion The nominations of Gould and Quintenz to lead the OCC and CFTC, respectively, indicate that Trump's administration is taking a crypto-friendly approach. These appointments of "insiders" to key regulatory positions suggest that the crypto industry may expect more supportive policies and a friendlier regulatory environment in the future.

Foresight News Gould is proficient in law and has worked at a Bit mining company and the asset management giant BlackRock. He has a good track record in crypto, finance and law. If he is officially appointed, the crypto industry may welcome more relaxed regulation. Gould has recently opposed Chokepoint 2.0 (cutting off the connection between crypto and banks) and hopes to provide fair banking access for crypto companies. CFTC Nominee Chairman Comes from a16z's Policy Head Recently, Trump also nominated a16z's policy head Brian Quintenz as Chairman of the Commodity Futures Trading Commission (CFTC). After the previous CFTC Chairman left office, Trump's nominee Caroline Pham is currently serving as the acting Chairman. Earlier this year, Trump's team interviewed several candidates, including CFTC Commissioner Summer Mersinger and former Kraken Chief Legal Officer Marco Santori, but ultimately chose Brian Quintenz. The main function of the CFTC is to regulate the US derivatives market, especially futures, options and other derivative transactions, including futures and options contracts related to commodities, stocks, bonds, and foreign exchange. It is also one of the most important regulatory authorities in the crypto currency field. Brian Quintenz graduated from Duke University. From 2001 to 2007, Quintenz worked in the office of US Congresswoman Deborah Pryce, serving as a senior policy advisor. In 2013, he founded Saeculum Capital Management, focusing on risk management and technical analysis investment strategies. In August 2017, Brian was nominated by Trump to be a CFTC Commissioner and was confirmed by the US Senate that same month, beginning his term. During his tenure, he led the CFTC's Technology Advisory Committee, hosting public policy discussions and briefings on cryptocurrencies. He also supported the development of risk-adjusted regulatory policies for emerging areas such as DeFi. In September 2021, Brian joined Andreessen Horowitz as the policy chief for the crypto sector. During his time at a16z, Brian recently wrote that "when it comes to regulation, we can finally relax." For many, due to concerns about over-regulation, project parties have long delayed using tokens to allocate project control and build communities. But now they should be more confident in using tokens as a legitimate and compliant tool. It is worth mentioning that after being nominated as the next CFTC Chairman, Brian responded on Twitter that the CFTC plays a critical role in price discovery in the markets. The agency is also prepared to ensure that the US remains a global leader in blockchain technology and innovation. "I look forward to working with President Trump's financial regulatory team." In the past, both the SEC and CFTC have been involved in enforcement actions against the crypto industry. In addition, the two have been at odds over whether certain tokens should be classified as securities. Recently, Forbes business reporter Eleanor Terrett revealed that as digital asset regulation becomes a priority, the US SEC and Commodity Futures Trading Commission (CFTC) are discussing strengthening cooperation on crypto regulation, considering restarting the SEC-CFTC Joint Advisory Committee, which has been dormant since 2014, to provide a platform for the two agencies to discuss emerging regulatory issues. Summary Currently, Trump appears to be putting his long-standing pro-crypto industry stance into practice, with several government officials and regulators being crypto-friendly. The gloomy shadow of strict regulation and suppression that has long hung over the crypto industry may dissipate, and the many American blockchain entrepreneurs may usher in the most relaxed policy era. Disclaimer: As a Blockchain information platform, the articles published on this site only represent the personal views of the authors and guests, and are not related to the position of Web3Caff. The information contained in the articles is for reference only and does not constitute any investment advice or offer, and please abide by the relevant laws and regulations of your country or region.

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