Trump Withdraws CFTC Nominee Amidst Tussle with Winklevoss Twins
President Donald Trump has reportedly withdrawn the nomination of Brian Quintenz as Chairman of the US Commodity Futures Trading Commission (CFTC).
The transfer follows a critical dispute between Quintenz and the Winklevoss brothers, who’re main backers of President Trump. This has led many to imagine that the Winklevosses influenced the choice.
Nominee Withdrawn After 8 Months
According to a Politico report on October 1, President Trump has withdrawn Quintenz’s nomination for CFTC Chairman. Trump had nominated Quintenz to the position in February of this yr.
The US Senate Agriculture Committee canceled two affirmation votes for Quintenz in July. Industry observers initially speculated that his place on the board of prediction market platform Kalshi created a battle of curiosity. This was resulting from the truth that the CFTC regulates Kalshi.
The Winklevoss Brothers’ ‘Lawfare’
However, Quintenz suddenly revealed in September on his X account that somebody was obstructing his appointment and named the Winklevoss twins, co-founders of the crypto alternate Gemini. He additionally made their personal messages public.
In the messages, the Winklevoss brothers requested Quintenz for his opinion on a 2022 lawsuit filed by the CFTC towards Gemini. The lawsuit alleged that Gemini supplied false data to regulators throughout the technique of a Bitcoin futures contract.
Quintenz acknowledged that he maintained a impartial place in his response to the Winklevosses. His public posts counsel that he was dropped as a candidate after he refused to quietly dismiss the continuing lawsuit, which the Winklevoss brothers allegedly pressured him to do.
He revealed that the Winklevosses had expressed sturdy dissatisfaction with the lawsuit, calling it “authorized harassment (lawfare trophy searching).”
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