Today, Crypto warned that Brian Quintetz’s path to becoming the next chair of the US Commodity Futures and Trade Commission (CFTC) is far from guaranteed in reports that President Trump is considering other candidates, and Ethereum co-founder Vitak Buterin has urged abuse and monopoly on closed systems, promoting open source, and through the proven infrastructure of the initiative, to encourage abuse and monopoly on closed systems. Allow Stablecoins in the derivatives market.
Uncertainty swirls the outlook for CFTC Chair Brian Quintents
The path to becoming the next chair for former CFTC commissioner Brian Quintz’s agency appears far from certainty amid reports that President Trump is actively considering other candidates.
According to Semafor, the Trump administration has reviewed several names to successfully complete acting committee chair Caroline Femme. The finalists reportedly include former CFTC division director Josh Sterling, who worked at the agency from 2019 to 2021. Mike Selig, Senior Advisor of the Securities and Exchange Commission. Treasury Secretary Tyler Williams.
The development is noteworthy as Quintenz was previously considered Frontrunner after being Trump’s nomination in February.
Conspiracy, Sterling, and several colleagues co-authored a Bloomberg legal article in June, warning that “leave key regulators to ignore key financial markets in the US economy.”
Vitalik is looking for open source infrastructure in health, finance and governance
Vitalik Buterin, co-founder of Ethereum, called for open source verifiable infrastructure across key sectors, including healthcare, finance and governance, warning that centralized systems risk eroding trust and security.
In a blog post Wednesday, Buterin argued that once digital infrastructure is incorporated into everyday life, opaque systems that shut down increase the risk of abuse and monopoly.
“The most civilizations out of the wave of new technology are not the ones who consumed it, they are not the ones who created it,” wrote Buterin, adding that “openness and verifiability can fight global Vulcanization.”
Buterin said its proprietary health technology can restrict access, create data monopolies, and put users at monitoring risk. He pointed to the rollout of Covid-19 vaccines as an example of how closed manufacturing and communications systems undermine public trust. In contrast, he praised initiatives like Popvax. Popvax reduced costs and skepticism using an open process.
CFTC initiative to allow Stablecoins as collateral in the derivatives market
Caroline Femme, acting chairman of the Commodity Futures Trade Commission, said Tuesday that her agency has launched an initiative to enable tokenized assets, including stablecoins, to be used in the derivatives market as collateral.
“The public spoke. The tokenized market is here, and they are the future,” Fam said. “For years I’ve said that collateral management is a stubcoin ‘killer app’ in the market. ”
This initiative allows stubcoin to be treated similarly to cash in regulated derivative transactions and traditional collateral such as the US Treasury Department.
Pham said the tokenized asset initiative was built on the CFTC Crypto CEO Forum and is part of the previously announced Crypto Sprint, which will apply the President’s Working Group to recommendations for the digital asset market.
She added feedback on the initiative being open until October 20th.