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Trump’s CFTC Pick Says U.S. Can Boost Crypto Innovation and Shield Consumers

Published

3 месяца ago

10 июня, 2025

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President Donald Trump’s pick to be chairman of the U.S. commodities watchdog, Brian Quintenz, fielded crypto questions more than any other topic at his Senate confirmation hearing on Tuesday, and he assured the lawmakers that the agency can walk a middle ground between unhampered innovation and robust consumer safeguards.

Even as Quintenz awaits the Senate Agriculture Committee’s vote on whether to advance his nomination as chairman of the Commodity Futures Trading Commission, Congress is working on market structure legislation that could elevate that agency as the marquee regulator of U.S. crypto activity. Quintenz, a former CFTC commissioner, is no stranger to that sector, having served as venture capital firm a16z’s head of policy.

«I have always viewed market structure legislation as an opportunity to be both pro-customer protection and pro-innovation at the same time,» he told the senators weighing his nomination, which ultimately needs to be approved by the overall Senate before he can take over the commission. He said the bill could «provide the clarity to buildings, entrepreneurs, innovators to develop products» while also ensuring the regulated firms are appropriately protecting the users of those products.

«Congress should create an appropriate market regulatory regime to ensure that this technology’s full promise can be realized, and I am fully prepared to use my experience and expertise to assist in that effort as well in executing any expanded mission should legislation pass into law,» Quintenz said, adding that he’s willing to work under the CFTC’s current powers «to provide clarity of how the agency’s statutory objectives could be successfully leveraged through this technology.»

Quintenz would join a commission that’s being abandoned by commissioners. By statute, the CFTC has five members — with three from the party in power — but the members have left or are in the process of leaving, including Acting Chairman Caroline Pham, who said she’s leaving when Quintenz starts work. The lone Democrat, Kristen Johnson, said she’ll depart «later this year,» leaving some uncertainty about her timing. So Quintenz may serve opposite a single Democrat before eventually working alone for a time, leaving potential legal vulnerability for any unilateral policies.

Some of the Democratic senators noted the Trump administration has been systematically stripping regulatory commissions of their Democratic members — described by Senator Raphael Warnock as «political purges» — and asked Quintenz if he would encourage the White House to fill both sides of the roster.

«The president is the head of the executive, and the president will make his own decisions. Quintenz said. He later added, «I don’t tell the president what to do.»

He granted that the agency may need more funding if it’s assigned the monumental new task as the regulator of digital commodities spot markets, which would include transactions of bitcoin BTC. Quintenz said that new staff would be made more efficient by «a technology-first approach» that makes the employees more efficient.

Quintenz also fielded a number of questions on the prediction markets, another area he’s had direct experience with as a board member of Kalshi, which fought a legal battle with the CFTC over the regulation of event contracts. He defended such event contracts as an appropriate «hedging tool.»

«I believe the Commodity Exchange Act is very clear about the purpose of derivatives markets, the purpose of risk management and price discovery, and that events [contracts] can serve a function in that mandate,» he said.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

24 часа ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

24 часа ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

1 день ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.