The encryption organization supports Brian Quintenz to serve as the chairman of the CFTC, countering the banking industry's attempts to suppress innovation.

As the battle between digital asset regulation and the banking industry intensifies in the United States, the Crypto Assets Innovation Committee (CCI) and the Blockchain Association jointly sent a letter to President Donald Trump on August 20, publicly supporting Brian Quintenz for the position of Chairman of the Commodity Futures Trading Commission (CFTC). The two organizations emphasized that Quintenz's leadership is crucial for driving the Trump administration's efforts to create a "golden age" for digital assets in the U.S., while also criticizing the banking industry's attempts to monopolize the market by amending the GENIUS stablecoin regulatory bill.

Why does the encryption industry support Quintenz?

CCI and the Blockchain Association pointed out in the letter that Quintenz has:

Deep professional knowledge: Familiar with the operations of blockchain, digital assets, and traditional financial markets.

Leadership and Judgment: Guided market policy at critical moments.

Integrity: Highly regarded by long-term industry partners.

Both organizations believe that he is the best candidate to lead the CFTC in establishing a regulatory framework for "responsible innovation, maintaining market integrity, and keeping the competitiveness of the U.S. economy."

Nomination Blocked and Conflict of Interest Controversy

Quintenz was nominated as early as February this year, but the confirmation vote was delayed due to concerns from some individuals about potential conflicts of interest.

Taylor and well-known industry figures such as Cameron Winklevoss have expressed concern about this. However, supporters believe that these concerns should not hinder the Commodity Futures Trading Commission's key leadership appointments in the area of digital asset regulation.

Counterattack on the Banking Sector's Amendment to the Stablecoin Bill

In addition to personnel support, CCI and the Blockchain Association also opposed the amendments to the "GENIUS stablecoin regulatory bill" proposed by the U.S. banking industry in another letter dated August 19.

Banking Position: Institutions such as the Bank Policy Institute (BPI) warn that loopholes in the current legislation could lead to up to $6.6 trillion in bank deposits flowing into digital assets, and they are calling for tighter regulations.

The response from the crypto industry: payment stablecoins and banking products belong to different frameworks and should not be subject to the same restrictions; regulated platforms should be allowed to share profits with users to promote financial inclusion and innovation.

Balancing Regulation and Innovation

The encryption organization emphasizes that if the banking industry's proposal is adopted, it will:

Weaken market competition: create a monopoly environment favorable to traditional banks

Restricting innovation space: hindering the development of emerging payment and settlement technologies.

Harm to consumer choice: Reducing users' opportunities to access diverse financial services.

They urge policymakers to prioritize promoting the United States' global leadership in the next generation of payment and digital asset fields, rather than protecting existing financial interest groups.

Conclusion

As the regulation of digital assets in the United States reaches a critical moment, Brian Quintenz's nomination as CFTC Chairman has become a focal point in the industry. The public support from crypto organizations not only affirms his expertise and leadership but also serves as a strong response to the banking sector's attempts to stifle innovation. In the coming weeks, this dual contest of personnel and policy will profoundly impact the direction of the U.S. Crypto Assets and stablecoin markets.