Crypto Giants Rally Behind Brian Quintenz for CFTC Role as Banking Titans Dig In Heels

Crypto's heavy hitters are throwing weight behind Brian Quintenz's CFTC bid—just as traditional banks ramp up their regulatory resistance.

Wall Street's Old Guard vs. Digital Disruptors

Banking lobbyists aren't happy. They’ve watched crypto evolve from fringe tech to a legitimate challenger—and they’re pushing back hard. Meanwhile, pro-crypto advocates see Quintenz as a bridge between innovation and oversight.

It’s a classic clash: established finance protecting its turf versus an industry that’s rewriting the rules. No surprise banks are nervous—decentralization doesn’t exactly play nice with legacy intermediaries.

Quintenz, a former CFTC commissioner himself, has long argued for clearer crypto frameworks. His appointment could signal a shift toward pragmatic regulation rather than outright resistance.

But let’s be real—banks have always preferred regulators who see blockchain as a threat, not a tool. Nothing protects profit margins like keeping competitors locked out.

Pushback against bankers

The same coalition also opposed a recent initiative by US banks to amend provisions in the GENIUS Stablecoin Regulation Act.

In an Aug. 19 letter, the groups argued that the proposed changes WOULD create an uncompetitive environment favoring banks while limiting broader industry growth, innovation, and consumer choice.

Last week, the Bank Policy Institute (BPI) and other banking groups urged lawmakers to address what they described as a legislative gap that prevents exchanges and affiliated firms from offering indirect yields on stablecoins.

The traditional financial institutions warned that this gap could drive up to $6.6 trillion in deposits from the traditional banking sector into digital assets.

However, the crypto organizations countered that payment stablecoins operate under distinct frameworks and should not be treated like bank products.

They stressed that allowing regulated platforms to share benefits with customers is “a feature that promotes financial inclusion, fosters innovation, and ensures American leadership in the next generation of payments.”