Quintenz, who left the CFTC in 2021 after four years as a commissioner to become the global head of policy at crypto firm a16z, is Trump’s pick as chairman of the US regulator, according to a report in Punchbowl News.

Walt Lukken, the president and chief executive of FIA, the industry body, said in a LinkedIn post:” Congratulations to Brian Quintenz on the nomination to lead the US Commodity Futures Trading Comission. His past experience at the agency will help him hit the ground running. FIA and the cleared derivatives industry look forward to working with Brian to ensure open, transparent and competitive markets, and to protect and enhance the integrity of the financial system.”

The appointment of a crypto expert is consistent with Trump’s support for digital assets and draws a line under the former Biden-appointed administration’s cautious approach to the emerging asset class.

Trump appointed on his first day in charge former CFTC commissioner Caroline Pham as the US regulator’s acting chair, replacing former CFTC Biden-appointed chair Rostin Behnam who stepped down from the role last month before leaving the CFTC on Friday.

Behnam has since found a role advising on policy issues at the Georgetown University business school.

Pham, a Republican-appointment to the CFTC where she served as a commissioner since 2022, said in late January the US regulator will host public roundtables on various issues including digital assets.

Pham and fellow CFTC commissioner Caroline Mersinger questioned in September the US regulator’s authority to oversee digital asset firms after the watchdog fined Uniswap Labs for offering illegal digital asset derivatives trading.

The CFTC under Behnam oversaw the collapse of crypto firm FTX in late 2022 and ordered in August last year FTX to pay $12.7 billion (£10bn) in monetary relief to FTX customers and victims of FTX’s fraud.