Brian Quintenz, the incoming Chair of the US CFTC (Commodity Futures Trading Commission), has begun meeting with Capitol Hill lawmakers before his nomination hearing.

On Monday, Quintenz met with Senator Chuck Grassley (R-IA) to discuss key regulatory issues, including the CFTC’s role in overseeing crypto spot markets.

CFTC Targets Crypto Spot Market After Derivatives

Brian Quintenz met with Republican Senator from Iowa Chuck Grassley to discuss another element in the CFTC’s crypto market structure regulation agenda. This time, the focus is on crypto spot markets.

“It was wonderful to meet with you Chuck Grassley and discuss your leadership on whistleblower issues as well as the future of the agency,” Quintenz stated.

Grassley also commented on their discussion. He highlighted the CFTC Whistleblower Protection Program for spot crypto markets as part of the agenda. Notably, Grassley is a member of the Senate AG Committee, the legislative body overseeing the CFTC.

Eleanor Terrett, host of the Crypto America podcast, indicated that the Senate AG Committee will have a significant role in part of the CFTC’s crypto regulation agenda. Specifically, it would have an outsized say in whether the CFTC could gain expanded jurisdiction over crypto spot markets.

The meeting comes as the CFTC moves closer to expanding its role in crypto regulation. US President Donald Trump tapped Quintenz, a former executive at venture capital firm Andreessen Horowitz (a16z), to lead the agency.

His appointment is part of Trump’s broader plans to reshape crypto oversight. This could potentially give the CFTC greater authority over digital asset markets.

Meanwhile, regulatory developments surrounding crypto have accelerated in recent weeks. The CFTC eased regulatory hurdles for the crypto derivatives market only days ago. The move will enhance market efficiency and attract institutional investors.

Beyond derivatives and spot markets, the CFTC is also exploring other areas of crypto oversight. The agency recently announced plans to host a roundtable discussion on prediction market regulation. It aims to address the regulation of decentralized prediction platforms.

Stablecoins are also on the agency’s radar. The CFTC also revealed a forum to discuss stablecoin regulation and potential risks associated with their widespread adoption.

Additionally, the Federal Deposit Insurance Corporation (FDIC) and the CFTC revoked previous crypto-related guidelines, signaling a shift in regulatory strategy.

Crypto markets can also not rule out the possibility of further collaboration between key agencies in the broader industry. Reports indicate that the US SEC (Securities and Exchange Commission) and the CFTC have discussed reviving a joint advisory committee to coordinate on crypto regulation.

If revived, the committee could serve as a bridge between the agencies. This would address concerns over jurisdictional overlap and streamlining oversight efforts.

As Quintenz prepares for his nomination hearing, his meetings with lawmakers suggest that crypto regulation will be a top priority for the CFTC moving forward.

Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.

• Ethereum struggled to continue higher above the $1,980 resistance level.
• The price is trading below $1,860 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $2,050 and started another decline, like Bitcoin. ETH declined below the $1,880 and $1,850 support levels.

It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

There was also a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,860 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,860 level. The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

A clear move above the $1,900 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,710 support level in the near term. The next key support sits at $1,665.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,800

Major Resistance Level – $1,850