Crypto-friendly CFTC commissioner Brian Quintenz reportedly plans to step down

Brian Quintenz, who has served as one of the commissioners with the Commodity Futures Trading Commission, or CFTC, reportedly plans to leave the agency on Aug. 31.

According to a Thursday report from the Wall Street Journal, Quintenz is expected to announce his move into the private sector after leaving the CFTC later this month. He hinted that his future career could include a focus on “innovation, particularly related to cryptocurrency and DeFi” and planned to continue advocating for the crypto space.

Quintenz was first nominated to the position by President Barack Obama in March 2016 before being re-nominated by Trump in May 2017 and confirmed that August. His term at the CFTC was scheduled to end in April 2020, but he announced at that time he would stay “until the earlier of the confirmation of my successor or October 31, 2020,” later extending this to “until the Senate acts on a confirmation.”

Many in the industry know Quintenz as one of the leading voices in favor of crypto at the CFTC. He has argued cryptocurrencies like Bitcoin (BTC) should be regulated by the CFTC rather than the Securities and Exchange Commission and also called on crypto industry stakeholders to create a self-regulatory framework. 

Related: US lawmakers urge CFTC and SEC to form joint working group on digital assets

The CFTC has five commissioners in its panel. With the departure of Quintenz and former chairperson Heath Tarbert, there are two empty seats available to be filled with nominations from President Joe Biden. CFTC commissioner Rostin Behnam has been acting as chairperson since Tarbert left in January.