Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, Brian Quintenz’s path to becoming the next Chair of the US Commodity Futures Trading Commission (CFTC) is far from guaranteed amid reports that President Trump was considering other candidates, Ethereum co-founder Vitalik Buterin warned that closed systems breed abuse and monopolies, urging open-source, verifiable infrastructure for healthcare, finance and voting, and the the CFTC launched an initiative to allow stablecoins in derivatives markets.
Uncertainty swirls over Brian Quintenz’s prospects for CFTC chair
Former CFTC commissioner Brian Quintenz’s path to becoming the agency’s next chair appears far from assured amid reports that President Trump is actively considering other candidates.
According to Semafor, the Trump administration is vetting several names to succeed Acting Chair Caroline Pham. The shortlist reportedly includes former CFTC division director Josh Sterling, who served at the agency from 2019 to 2021; Securities and Exchange Commission chief counsel Mike Selig; and Treasury Secretary counselor Tyler Williams.
The development is notable because Quintenz was previously viewed as the frontrunner after receiving Trump’s nomination in February.
Adding intrigue, Sterling and several colleagues co-authored a Bloomberg Law article in June, cautioning that “leaving a key regulator undermanned risks letting financial markets critical to the US economy fall into neglect.”
Vitalik calls for open-source infrastructure in health, finance, governance
Ethereum co-founder Vitalik Buterin called for open-source, verifiable infrastructure across critical sectors, including healthcare, finance and governance, warning that centralized systems risk eroding trust and security.
In a Wednesday blog post, Buterin argued that as digital infrastructure becomes embedded in everyday life, relying on closed, opaque systems increases the danger of abuse and monopolization.
“The civilizations that gained the most from new waves of technology are not the ones who consumed the technology, but the ones who produced it,” Buterin wrote, adding that “openness and verifiability can fight against global balkanization.”
Buterin said proprietary health tech can limit access, create data monopolies and expose users to surveillance risks. He pointed to the COVID-19 vaccine rollout as an example of how closed manufacturing and communication systems undermined public trust. In contrast, he praised initiatives like PopVax, which use open processes to reduce costs and skepticism.
CFTC initiative to allow stablecoins as collateral in derivatives markets
The Commodity Futures Trading Commission acting chair Caroline Pham said on Tuesday that her agency has launched an initiative to allow tokenized assets, including stablecoins, to be used in derivatives markets as collateral.
“The public has spoken: tokenized markets are here, and they are the future,” Pham said. “For years I have said that collateral management is the ‘killer app’ for stablecoins in markets.”
The initiative allows stablecoins to be treated similarly to traditional collateral like cash or US Treasurys in regulated derivatives trading, which Circle Internet Group president Heath Tarbert said would “lower costs, reduce risk, and unlock liquidity across global markets.”
Pham said the tokenized asset initiative will build on the CFTC’s Crypto CEO Forum and is also part of the previously announced crypto sprint to apply the President’s Working Group on Digital Asset Markets recommendations.
She added feedback on the initiative is open until Oct. 20.
