Latest news with #CFTC
New York Post
6 hours ago
- Business
- New York Post
Crypto world and Tyler Winklevoss are in an uproar over ‘concerning' Quintenz email reveal
The crypto industry is in an uproar after emails from Commodity Futures Trading Commission (CFTC) nominee Brian Quintenz began circulating on Capitol Hill this week, which sources told me is the reason his nomination has been delayed by the White House. The emails, obtained via a FOIA request shared with The Post, show that during his nomination process to become chair, his associates tried to obtain information that has a direct impact on the betting markets the CFTC oversees — and which Quintenz has a personal financial interest in. The main issue is that despite his pledge not to benefit from his access, Quintenz remains on the board of Kalshi, a betting company regulated by the CFTC. 3 Brian Quintenz testified before a Senate committee in June. REUTERS Tyler Winklevoss, billionaire co-founder of Gemini, said he is alarmed about Quintenz's conflict of interest and concerned that he isn't aligned with Trump's agenda, adding that he told Trump as much. Winklevoss prefaced his comments to me by saying, 'I support President Trump 100%.' While Winklevoss thinks the ethical concerns are cause enough for the nomination to be yanked, he also said the Quintenz's doesn't seem to be on board with Trump's deregulation agenda. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). 'His stated positions are not aligned with President Trump and the Administration's stated goals,' he said. In a rather bizarre turn of events, Winklevoss said Quintenz boarded a plane on Wednesday, flew to New York, and arrived at his office unannounced looking for him. He was turned away and told Winklevoss was unavailable. During his hearings, Quintenz said he wanted to expand the CFTC's budget, staff and regulations. 3 Tyler Winklevoss (pictured with twin Cameron) is deeply concerned about Quintenz's agenda. Getty Images 'He has a Democratic playbook for his agenda — these are disqualifying positions,' a source in the crypto industry said. The concern is widespread enough on Capitol Hill that sources say Quintenz may lack the votes to advance his nomination to the Senate. 'Senators are concerned because they don't want to face criticism over ethical issues, which could fuel Democratic campaign ads in the next midterm,' a source on the Hill told me. 'I don't know if he'll be confirmed, but the emails certainly aren't helping.' 3 Brian Quintenz most recently led policy at Andreessen Horowitz's crypto fund. Bloomberg via Getty Images Another source close to the White House said, 'This is one issue where big banks and crypto are aligned: 'Brian Quintenz has glaring ethical conflicts, and his nomination should be given serious pause.'' Quintenz, a former CFTC commissioner who most recently led policy at Andreessen Horowitz's crypto fund, did not respond to emails requesting comment. Send NYNext a tip: NYNextLydia@
Yahoo
15 hours ago
- Business
- Yahoo
White House report confirms strategic Bitcoin reserve but one word raises alarms
White House report confirms strategic Bitcoin reserve but one word raises alarms originally appeared on TheStreet. The White House released the much-awaited crypto policy report on July 30. Though the crypto community found relief in the fact that the 166-page report mentions the strategic Bitcoin reserve and the digital asset stockpile, it doesn't offer any new details that aren't already in the public domain. The Treasury has been entrusted with the responsibility of administering the reserve and the stockpile. Crypto assets forfeited by federal agencies make up these digital asset holdings of the federal government. However, there is a catch. On page no. 164, the report says: "The bitcoin in the Reserve will generally not be sold and will be maintained as reserve assets of the United States utilized to meet governmental objectives in accordance with applicable law." It is the word "generally" that raises alarm bells as it doesn't put a definitive restriction on the sale of BTC coins held by the U.S. all the governments, the U.S. has the largest Bitcoin holdings. As per BitcoinTreasuries, the country holds 198,012 BTC worth more than $23 billion at the time of writing. However, keep in mind that such platforms often don't distinguish between forfeited and seized assets. While the government officially owns forfeited assets, seized assets are as likely to go into compensating victims of hacks, scams, etc., or into the government treasury, as the latest report also confirms. Blueprint of Trump's crypto policy The report provides a detailed blueprint of the Donald Trump administration's crypto policy. It recommends the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) use their existing authorities to immediately enable crypto trading at the federal report also recommends relaunching agency crypto innovation efforts to address outstanding bank activities on activities including crypto custody, stablecoin reserves, crypto treasury, and tokenization. Leaders hail report The President's Working Group on Digital Asset Markets has prepared the report after a 180-day review. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and SEC Chair Paul Atkins are the key members of this group. Atkins said, "Together, we have developed a blueprint to achieve President Trump's vision of making America the crypto capital of the world." CFTC Acting Chairman Caroline Pham said, 'This report represents a unified approach under the Trump Administration to usher in a golden age of crypto, and the CFTC stands ready to fulfill our mission to promote responsible innovation, safeguard our markets and ensure they remain the envy of the world.'Crypto Council for Innovation (CCI) CEO Ji Hun Kim said, "By addressing critical areas such as decentralization, market structure, tax, GENIUS implementation, global competitiveness, and much more, this report offers a constructive path forward that supports responsible innovation and the long-term strength of America's role and leadership in the digital economy." "The golden age of crypto is here," he added. The Trump administration has ended the month on a high note, as it has already made enormous progress on key crypto bills this month, with Trump signing the GENIUS Act into law and the House passing the CLARITY and Anti-CBDC Acts. White House report confirms strategic Bitcoin reserve but one word raises alarms first appeared on TheStreet on Jul 30, 2025 This story was originally reported by TheStreet on Jul 30, 2025, where it first appeared. Sign in to access your portfolio
Crypto Insight
19 hours ago
- Business
- Crypto Insight
Trump White House releases long-promised crypto report
The US President Donald Trump's Working Group on Digital Assets released its long-promised crypto report outlining policy recommendations for regulating crypto in the United States, including crypto market structure, jurisdictional oversight, banking regulations, promoting US dollar hegemony through stablecoins and taxation of cryptocurrencies. Establishing a 'taxonomy' of digital assets by clearly defining which cryptocurrencies are securities and which are commodities was the first issue outlined in the report, released on Wednesday. According to recommendations in the document, jurisdictional oversight over digital assets should be shared between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), with the CFTC having oversight over spot crypto markets. The working group recommended that the SEC and CFTC collaborate on crypto oversight. Commodity tokens should be governed by the CFTC, while other tokens deemed to be securities will be subject to SEC oversight. The authors of the report said a clearly defined crypto market structure would make the US a global leader in digital assets. 'A rational regulatory framework for digital assets is the best way to catalyze American innovation, protect investors from fraud, and keep our capital markets the envy of the world,' SEC Chair Paul Atkins wrote in response to the report. Banking regulations should be eased, clearly defined Allowing banks the ability to custody crypto and provide digital asset services to customers was a key policy proposal outlined by the working group. The group recommended that banking regulators streamline the process to acquire a bank charter and make the requirements more transparent. Stablecoins and payments were also outlined in the report, touching on the need to embrace stablecoins to protect the US dollar's hegemony. As expected, the authors urged Congress to pass the CBDC Anti-Surveillance State Act and prohibit the research and development of a central bank digital currency in the US. However, the report highlighted many of the features that make stablecoins indistinguishable from CBDCs. 'A unique feature of stablecoins is that stablecoin issuers can coordinate with law enforcement to freeze and seize assets to counter illicit use,' the authors wrote. Establishing clear regulations around taxation Finally, the report recommended that Congress establish a custom-tailored tax policy for cryptocurrencies that accounts for the unique features of the asset class, including staking. 'Legislation should be enacted that treats digital assets as a new class of assets subject to modified versions of tax rules applicable to securities or commodities for federal income tax purposes,' the report said. Source:
The Hill
a day ago
- Business
- The Hill
White House lays out crypto policy priorities for Congress, regulators
The White House on Wednesday laid out its policy priorities for regulating digital assets, offering detailed guidance to Congress and federal regulators on how it hopes to fulfill President Trump's campaign promise to make the U.S. the 'crypto capital of the planet.' The 166-page report from Trump's digital assets working group provides recommendations for lawmakers and regulators on everything from crypto oversight to taxation to banking rules. 'We think this is probably the most comprehensive product that's ever been produced in regards to digital assets,' a White House official said on a call with reporters Wednesday morning. 'I think the industry will be extremely pleased with us.' The report, produced in response to a January executive order from the president, comes after months of efforts in Congress to pass digital asset legislation. Earlier this month, Trump signed the first major crypto bill, the GENIUS Act, into law. The legislation laid out a regulatory framework for dollar-backed digital tokens known as stablecoins. Meanwhile, lawmakers have continued to advance legislation seeking to clarify rules for the rest of the crypto market, most critically by splitting up oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The House passed its version, the Digital Asset Market Clarity Act, earlier this month, while the Senate released a discussion draft of its own bill shortly afterward. The White House report put forward several recommendations for Congress, many of which appear primed to be included in such legislation. It calls for lawmakers to ensure the CFTC has spot market authority over non-security digital assets and to affirm a right to self-custody, in which crypto users can hold their assets themselves without the need for a third party. The report also directs Congress to determine the applications of the Bank Secrecy Act to the crypto market, while specifically calling for an exemption from such rules for software providers. It urges lawmakers to pass a law banning the creation of a central bank digital currency (CBDC) as well. Concerns over CBDCs nearly threatened to derail the passage of the GENIUS Act earlier this month, as a contingent of hardline Republicans refused to move forward on a trio of crypto bills without further assurances on an anti-CBDC measure. GOP leadership ultimately agreed to put an anti-CBDC provision in the National Defense Authorization Act, must-pass legislation that increases its chances of reaching Trump's desk. Meanwhile, as lawmakers continue to hash out legislation, the White House report suggests that the SEC and CFTC should 'use their existing authorities to immediately enable the trading of digital assets at the federal level.' This appears to give the two key regulators broad leeway to move forward with crypto regulation on their own. The SEC has already taken steps to lay out its approach to digital assets. After rolling back Biden-era rules and dismissing cases and investigation against numerous crypto cases, the agency has turned its attention to offering guidance on various crypto issues, from meme coins to tokenization. The CFTC, on the other hand, has been much quieter on the crypto front. The agency is currently operating with only two out of five commissioners after a series of departures. Both of the remaining commissioners have also indicated they plan to leave as well. Banking regulators, such as the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, are tasked with providing banks with clarity on crypto-related activities by the working group. The White House report also cautions these regulators against providing guidance based on specific technology, in a callback to concerns about so-called 'Operation Chokepoint 2.0.' The crypto industry and Republicans have accused Biden-era regulators of targeting the industry by discouraging banks from working with crypto firms — an effort they compared to an Obama-era program that targeted firearm dealers and payday lenders. The report also suggests banking regulators offer more clarity on the process for obtaining bank charters and Fed master accounts, as crypto firms like Circle and Ripple file applications. However, this is likely to be a point of contention going forward, as the banking industry urges regulators to pump the brakes on such efforts. The report underscores Trump's heavy focus on crypto in his second term in office. After once dismissing crypto as a 'scam,' he embraced the industry during his 2024 campaign, in which he promised to make the U.S. the 'crypto capital of the planet.' Since taking office, Trump has continued full-steam ahead, naming venture capitalist David Sacks as his artificial intelligence (AI) and crypto czar, hosting crypto leaders at the White House and signing an executive order establishing a strategic bitcoin reserve and digital asset stockpile. However, his embrace of the industry in his personal life has drawn scrutiny. The president and his sons launched a crypto venture, World Liberty Financial, last fall, which has since released a stablecoin. Trump also launched a meme coin shortly before inauguration and met with the top investors in the token earlier this year, while his media company has filed to offer several crypto-related assets.
Al Etihad
a day ago
- Business
- Al Etihad
White House in crypto policy report calls for SEC action, new legislation
30 July 2025 23:51 (REUTERS)A cryptocurrency working group formed by President Donald Trump on Wednesday outlined the administration's stances on market-defining crypto legislation and called on the US securities regulator to create new rules specific to digital a factsheet ahead of a landmark report, the White House urged Congress to move forward with legislation that would create a formal crypto regulatory regime, but implored lawmakers to include additional provisions in the bill. Those include allowing trading platforms to also custody crypto, and providing a tailored disclosure regime for issuers of crypto White House also encouraged the US Securities and Exchange Commission and the Commodity Futures Trading Commission to use their existing authorities to "immediately enable the trading of digital assets at the federal level."Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul US crypto policy. Wednesday's report is a culmination of the task force's work so far and its first public line with Trump's January executive order, it will lay out several new policies from tax provisions to capital markets rules that it says should be enacted to advance the policy goals of the pro-crypto White working group led by Trump official Bo Hines includes several administration officials, including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins, and Director of the Office of Management and Budget Russell the campaign trail last year, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital report comes just two weeks after the House of Representatives passed a bill called the Clarity Act that would create a broad regulatory guidelines for crypto, and the US Senate is considering its own version of the this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the US dollar. That move was hailed as a major win for the digital asset industry, but the White House has said it wants Congress to pass market structure legislation like the Clarity Act next, which would have far wider repercussions for the report will ask lawmakers to consider several additional measures in the final version of the bill, which could influence ongoing discussions on Capitol White House said that Congress should provide the CFTC with the authority to oversee crypto spot markets, and should recognize the potential of decentralised finance technology, referring to blockchain-based platforms that allow users to transact without report will also offer several recommendations for the SEC and the CFTC, encouraging the regulators to use safe harbors and regulatory sandboxes to allow "innovative financial products to reach consumers without bureaucratic delays."That could include tokenisation, which is the process of turning financial assets - such as bank deposits, stocks, bond funds and even real estate - into crypto firms and others have been increasingly discussing the prospect of tokenisation. Coinbase recently told Reuters it was seeking a green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that crypto sector has for years argued that existing US regulations are inappropriate for cryptocurrencies, and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity, or falls into another category, such as president's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform.
