TLDR
- The White House has officially withdrawn Brian Quintenz’s nomination to lead the Commodity Futures Trading Commission (CFTC).
- Quintenz, a former CFTC commissioner, was widely supported by the crypto industry but faced delays in his confirmation.
- Pushback from the Winklevoss twins, founders of the Gemini exchange, reportedly influenced the decision to withdraw his nomination.
- Quintenz shared private messages claiming the Winklevosses pressured President Trump to halt his confirmation.
- The CFTC has been without a permanent chair for nearly a year, with Acting Chair Caroline Pham currently leading the agency.
The White House has officially withdrawn Brian Quintenz’s nomination to lead the Commodity Futures Trading Commission (CFTC). This move follows delays in the confirmation process and pressure from various stakeholders in the crypto industry. Quintenz confirmed the news to Cointelegraph, expressing gratitude for his nomination and stating he would return to private sector work.
Brian Quintenz’s Nomination Faces Pushback
Brian Quintenz, a former CFTC commissioner, was widely supported by the crypto industry for the position. He also served as the head of crypto policy at a16z. However, his nomination faced significant delays in Congress, with reports indicating resistance from the Winklevoss twins, founders of the crypto exchange Gemini.
Quintenz shared private messages between himself and the Winklevoss, accusing them of pressuring President Donald Trump to withdraw his nomination. According to Quintenz, the brothers were unhappy with his stance on addressing Gemini’s civil case with the CFTC. Quintenz claimed that their actions led to a halt in his confirmation process.
In a statement to Cointelegraph, Quintenz said,
“I am grateful to the president for that opportunity and to the Senate Agriculture Committee for its consideration.” He also added, “I look forward to returning to my private sector endeavors during this exciting time for innovation in our country.”
CFTC Faces Leadership Gap After Quintenz Withdrawal
The CFTC has operated without a permanent chair for almost a year. Caroline Pham currently serves as the Acting Chair of the agency. Pham previously stated she would step down once Quintenz’s nomination was confirmed, leaving the agency in limbo.
The Digital Asset Market Clarity Act, which aims to clarify the CFTC’s role in regulating digital assets, is moving through Congress. This act seeks to define which crypto assets fall under the jurisdiction of the CFTC. It will primarily give the CFTC regulatory control over the digital commodity market, including assets like Bitcoin and Ether.
Quintenz’s nomination withdrawal leaves the CFTC without a permanent leader during a crucial time for crypto regulation. With significant legislation under review, the agency’s leadership gap could impact the development of digital asset policies. The White House has yet to provide official reasoning for the withdrawal of Quintenz’s nomination.
