White House Pulls Pro-Crypto Quintenz’s Nomination To Lead CFTC Following Major Opposition – Report
Recent studies revealed that the White House has withdrawn Brian Quintenz’s nomination to guide the Commodity Futures Trading Commission (CFTC) after the pro-crypto candidate’s affirmation course of was stalled in July.
Quintenz’s CFTC Chair Nomination Withdrawn
On Tuesday, Politico reported that the White House had pulled Brian Quintez’s nomination for CFTC chairman following opposition from main crypto business gamers, in response to two nameless sources who spoke with the information media outlet.
According to the report, a White House official confirmed that Quintenz’s nomination was withdrawn, affirming that “Brian Quintenz stays a trusted ally and the Trump administration appears ahead to working with him in different capacities.”
“President Trump has made it a precedence to make America the crypto capital of the world, and in doing so has known as for the revitalization of the Commodity Futures Trading Commission to play a bigger function in securing this promise,” the official added.
Notably, President Trump’s CFTC chair choose had been in affirmation limbo since July, after the US Senate Agriculture Committee delayed an important vote to advance the method days earlier than the August recess. At the time, studies claimed that the committee stalled Quintenz’s affirmation course of following a request from the White House.
The delay reportedly adopted opposition from Tyler and Cameron Winklevoss, Gemini co-founders, who allegedly pressed President Trump to rethink his CFTC chair choose, arguing that he wouldn’t “shake up” the Commission sufficient and was not aligned with Trump’s crypto agenda.
Last month, Quintenz seemingly confirmed the studies, suggesting that the Winklevoss twins may need “misled” the US President after a textual content change between the three. As reported by Bitcoinist, the crypto change founders inquired concerning the then-CFTC nominee’s opinion on a grievance letter, however had been finally disenchanted and shocked by his response.
In a message to Politico, Quintenz acknowledged, “Being nominated to chair the CFTC and going by means of the affirmation course of was the dignity of my life.” “I’m grateful to the President for that chance and to the Senate Agriculture Committee for its consideration,” he affirmed, including that he appears ahead to returning to the personal sector.
CFTC’s Pro-Crypto Leadership To Be Determined
Despite Quintenz’s widespread help from each the crypto and conventional monetary industries, his nomination was not solely opposed by the Winklevoss twins. The conventional gaming business has additionally opposed the previous CFTC chair candidate attributable to his ties to the up-and-coming prediction market agency Kalshi, the report famous.
Additionally, Democratic House of Representatives member Dina Titus reacted to the information on X, writing, “Good. The CFTC deserves robust, impartial management that may comply with and implement company rules.”
The White House official mentioned a brand new candidate can be introduced “within the close to future.” Two weeks in the past, Bloomberg reported that the Trump administration was weighing further nominees to chair the CFTC amid the delay in Quintenz’s affirmation course of.
Among the contenders, the White House was reportedly contemplating Michael Selig, chief counsel to the Securities and Exchange Commission’s (SEC) Crypto Task Force, and Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital asset coverage.
Politico sources claimed that Josh Sterling, a former CFTC official who’s now a associate at Milbank, and former CFTC Commissioner Jill Sommers, are additionally being thought-about to guide the regulatory company.
It’s value noting that the extremely anticipated market construction is anticipated to shift a lot of the crypto market supervision to the CFTC, exponentially rising the regulator’s duties.
Currently, the company, which is meant to be a five-person, bipartisan fee, is all the way down to solely appearing Chairwoman Caroline Pham, who is anticipated to depart from the company as soon as a everlasting chief is chosen.
Multiple business gamers have emphasized that putting in a everlasting Chairman is “completely important” to realizing the Commission’s targets and to make sure a “golden age of crypto innovation.”