Crypto and Web3 venture firm a16z has appointed former CFTC commissioner Brian Quintenz as the company’s new head of policy a year after hiring him as senior advisor for its crypto team.
Quintenz was nominated by both Presidents Barack Obama and Donald Trump and unanimously confirmed by the Senate as commissioner of the CFTC.
Quintenz has been named as a16z's policy head at a time when new crypto industry legislations are being developed by U.S. lawmakers.
Following a string of high-profile failures that cost investors billions of dollars in damages, the CFTC is one of the agencies vying for more authority to regulate the industry.
Quintenz An Important Connection With Washington
Quintenz has been instrumental in helping the firm and portfolio manage Washington, D.C.'s complexity, and the last year has made it evident that more regulation is needed in certain areas of crypto and Web3, a16z said in a statement.
The shape that legislation takes has yet to be determined, but it could have a massive effect on Web3’s promise, the firm said.
“We have long called for and supported thoughtful legislation, but it has never been more crucial than today. With multiple bills being worked on in both the House and the Senate, the increased activity of the SEC and CFTC, and an overall consensus from the industry, we believe that the time is now for impactful legislation,” a16z stated.
“This is a critical time in Web3’s history as policymakers in D.C. take a close look at the future of crypto. With the new Congress taking office in just a couple of weeks, we couldn’t be more excited to have Brian starting today in his new full-time role to lead our efforts on Capitol Hill and join our growing policy team,” it added.