Trump urged to replace Quintenz as CFTC chair by Winklevoss twins
In a recent development, the Winklevoss brothers, renowned for their involvement in the crypto industry and the co-founders of the crypto exchange Gemini, have voiced their opposition to Brian Quintenz's nomination to lead the Commodity Futures Trading Commission (CFTC).
Quintenz, who previously served as a board member of prediction markets platforms like Kalshi and was a CFTC commissioner during Trump's first administration, recently worked in crypto as head of policy for Andreessen Horowitz's crypto fund. Despite initial praise for Quintenz's nomination in February, the Winklevoss brothers have now expressed concerns that he is not aligned with Trump's agenda and would not "shake up the CFTC enough."
The brothers' opposition stems from Quintenz's testimony supporting an increased CFTC budget, which contradicts the administration's cost-cutting stance. This shift came after a fallout linked to Gemini's $5 million settlement with the CFTC and a critical letter Gemini sent regarding CFTC attorneys, suggesting lingering distrust of Quintenz due to his ties with the agency during that conflict.
The White House, however, continues to publicly back Quintenz, emphasizing his role in advancing President Trump's goal to make the U.S. the "crypto capital of the world." The Senate vote for Quintenz's nomination as CFTC chairman was postponed due to a delayed flight, causing concerns about insufficient votes.
The Winklevoss brothers' opposition reflects broader concerns within the crypto industry about regulatory leadership able to reform or challenge the established agency culture. Their pushback signals internal industry dynamics influencing political appointments, which could affect how aggressively or conservatively the CFTC regulates digital assets under Quintenz’s leadership.
The controversy highlights tensions around regulatory expansion and budget increases that accompany growing crypto oversight responsibilities. As the CFTC gains growing influence over digital assets and prediction markets, the role of the commission chair becomes increasingly significant.
In January, Gemini agreed to pay $5 million to settle charges over allegedly misleading statements about a crypto investment product. The Winklevoss brothers run Gemini, and their regulatory issues with the CFTC may have contributed to their opposition to Quintenz's nomination.
Despite the opposition, Tyler Winklevoss initially described Quintenz as a "great choice for crypto and for America." Cameron Winklevoss went further, describing Quintenz as "exactly the leader the CFTC needs."
This situation underscores the evolving power of crypto executives in shaping U.S. regulatory appointments and the complex politics around crypto regulation at the federal level. As the CFTC continues to navigate the complex world of digital assets, the outcome of Quintenz's nomination will be closely watched by industry stakeholders and regulators alike.
[1] Winklevoss Brothers Oppose Quintenz's Nomination for CFTC Chair [2] Winklevoss Brothers Raise Concerns Over Quintenz's Nomination for CFTC Chair [3] Quintenz's Nomination as CFTC Chair Delayed [4] Gemini Settles with CFTC over Misleading Statements [5] Quintenz: The Right Choice for Crypto and America
- Winklevoss Brothers, known for their involvement in the crypto industry and co-founders of the Gemini exchange, have voiced their opposition to Brian Quintenz's nomination as chair of the Commodity Futures Trading Commission (CFTC), citing concerns about his alignment with the current administration's agenda.
- In a critical letter sent regarding CFTC attorneys, the Winklevoss brothers questioned whether Quintenz would adequately reform or challenge the established agency culture due to his ties with the CFTC during a conflict with Gemini, for which they agreed to pay a $5 million settlement over allegedly misleading statements about a crypto investment product in January.
- The delay in the Senate vote for Quintenz's nomination as CFTC chairman raised concerns about insufficient votes, reflecting internal industry dynamics influencing political appointments.
- The complex politics surrounding crypto regulation at the federal level were underscored by the Winklevoss brothers' opposition to Quintenz's nomination, which could potentially impact the aggressiveness or conservatism with which the CFTC regulates digital assets under his leadership.
