US President Donald Trump has chosen Brian Quintenz, head of policy at venture capital firm a16z, to serve as the next chair of the CFTC (Commodity Futures Trading Commission).

The move signals a significant shift in crypto regulation, with the CFTC expected to play a larger role in overseeing digital assets.

A Familiar Face Returns As CFTC Chair

Fox Business correspondent revealed the selection, citing three sources with direct knowledge of the decision. CFTC officials reportedly confirmed the move, although there was no official announcement from the White House. Acting CFTC Chair Caroline D. Pham reportedly congratulated Quintenz.

“I worked with Brian on important initiatives that he led to success when he was a CFTC Commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC,” Terret reported, citing Pham.

Quintenz, a CFTC commissioner from 2017 to 2021, has long advocated for regulatory clarity in digital assets. Most recently, he served as Head of Policy at a16z crypto, venture capital firm Andreessen Horowitz‘s digital assets arm.

His appointment comes as the CFTC prepares to take a more active role in shaping the regulatory environment for digital assets. The CFTC has announced a series of upcoming discussions on key aspects of digital asset regulation. Among the most pressing topics are the regulation of stablecoins and the broader digital asset market structure.

Specifically, the commission plans to host a forum to discuss stablecoin oversight, a roundtable on prediction market regulation, and additional public meetings on digital asset rules.

These initiatives reflect growing concerns among policymakers about the need for clear and enforceable standards in the crypto space.

Legislative Efforts to Strengthen CFTC’s Role

Perhaps the most significant change under Trump’s proposed regulatory framework is the push to have the CFTC, not the US SEC (Securities and Exchange Commission), regulate Bitcoin and Ethereum spot markets. These two digital assets represent approximately $2.2 trillion in market capitalization, which is nearly 70% of the global crypto market.

Former CFTC Chair Christopher Giancarlo, often called “Crypto Dad,” has endorsed this shift. As BeInCrypto reported, he argued that the CFTC could better oversee these assets as digital commodities.

“With adequate funding and under the right leadership, the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” Giancarlo said recently.

In addition to Trump’s regulatory vision, Congress is weighing new legislation to redefine the roles of the CFTC and SEC in digital asset oversight. The bipartisan “BRIDGE Digital Assets Act,” introduced by Tennessee Congressman John Rose, proposes a cooperative framework between the two agencies.

Under this proposal, a joint advisory committee of 20 private-sector representatives would help guide crypto regulation. They would also ensure industry voices are considered in policymaking.

Despite the ambitious agenda, concerns remain about the CFTC’s ability to handle an expanded regulatory mandate. The agency operates on a $400 million annual budget and has approximately 700 employees, which is substantially lower than the SEC’s $2.4 billion budget and 5,300 employees.

The CFTC would require significant funding increases and expanded staffing to oversee crypto spot markets effectively.

Additionally, some of the CFTC’s traditional stakeholders, such as agricultural commodity traders, are concerned about the potential impact of digital asset regulation on the agency’s core functions. Lawmakers must address these concerns to ensure bipartisan support for any regulatory expansion.

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Pi Network has announced that it will officially launch its Open Network at 8 AM UTC on February 20, 2025. This marks the network’s transition to the Open Network phase of Mainnet.

The network had previously confirmed its plans to launch the Open Network as soon as possible in Q1 of 2025. 

Pi’s Open Network Will Launch In February 

This launch signifies the conclusion of the Enclosed Mainnet period, which began in December 2021. Throughout this period, the Mainnet was operational but safeguarded by a firewall, limiting external connectivity.

Now, with the firewall lifted at the Mainnet launch, users will be able to connect Pi to external systems, allowing it to be used in real-world applications. Notably, this phase laid the groundwork for the transition to the Open Network, giving Pioneers the opportunity to complete their KYC and gain access to Pi on Mainnet. 

It also provided developers with the time to build and launch real-world applications and utilities within the Pi ecosystem. Meanwhile, the Core Team focused on releasing and refining various features and utilities to support the network’s growth and functionality.

Ahead of the launch, Pi Network revealed that it surpassed its original goal of 10 million Mainnet migrations, reaching an impressive 10.14 million. 

“Pi is ready to open its utilities-driven ecosystem where our now over 19 million identity-verified Pioneers can use Pi—a cryptocurrency with real-world functions and applications backing it,” the announcement read.

Moreover, following the announcement, crypto exchange OKX confirmed that it will list PI on the same day as the launch. Spot trading will be available for the PI/USDT pair.