Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
Share
Brian Quintenz was once seen as a strong contender to lead the CFTC. However, he now faces growing resistance from key crypto industry players. They argue he is too closely tied to the status quo.
Tyler and Cameron Winklevoss, twin crypto billionaires and founders of Gemini, personally lobbied President Donald Trump over the weekend to reconsider his nominee to lead the Commodity Futures Trading Commission, Politico reported this week.
As the Senate prepared to move forward with Quintenz’s nomination, the Winklevoss brothers reportedly stepped in. They urged Trump to withdraw his support. According to them, Quintenz, a former CFTC commissioner with industry ties, lacked the bold vision needed to align the agency with Trump’s crypto-focused agenda.
The twins, known for their early investment in Bitcoin and longstanding support for Trump, showed concern that Quintenz would not push for the sweeping reforms they believe the CFTC needs.
White House Halts Vote on Quintenz Amid Industry Pressure
One key sticking point was his recent testimony backing a budget increase for the regulator to help oversee crypto markets, a move they seemed to view as bureaucratic, not transformational.
At the White House’s request, the Senate Agriculture Committee abruptly canceled Monday’s vote on Quintenz’s nomination. However, despite the delay, a White House official later confirmed that Quintenz was still the administration’s choice.
Behind the scenes, senior administration officials are reportedly working to keep Quintenz in place.
The Winklevosses’ intervention is a sign of how assertively crypto executives are now engaging with Washington, particularly under Trump’s second term.
Trump’s Vision for ‘Crypto Capital’ Puts CFTC in the Spotlight
Since returning to office, Trump has doubled down on his ambition to make the US the “crypto capital of the world.” Just this week, the White House released a long-awaited policy report laying out recommendations to support the industry’s growth.
The CFTC has long been tied to agricultural commodities and financial derivatives. Now, under Trump’s crypto strategy, it is set to play a larger role. His administration plans to expand the agency’s authority, giving it direct oversight of crypto assets such as Bitcoin and Ether.
Quintenz, who served on the CFTC during Trump’s first term, currently leads policy efforts at Andreessen Horowitz’s crypto fund and holds a board seat at Kalshi, a prediction market platform. His experience has made him a key figure in crypto regulation, but also opened him up to scrutiny.
Quintenz’s Kalshi Role Sparks Ethics Questions on Capitol Hill
On Thursday, the New York Post reported that emails from Quintenz surfaced on Capitol Hill this week. These reportedly show that during his nomination process, Quintenz’s associates sought information that could affect betting markets overseen by the CFTC.
The report raised further questions about his role on Kalshi’s board. Although Quintenz has pledged not to benefit from privileged access, critics point to his financial interest in a company regulated by the very agency he is set to lead.
It remains unclear whether the White House will continue to stand behind Quintenz or reopen the nomination.
Credit: Source link
