New Candidates Considered for CFTC Amid Quintenz-Gemini Controversy

The White House is reportedly looking at new candidates to lead the Commodity Futures Trading Commission (CFTC) due to delays in the Senate confirmation of Brian Quintenz, President Trump's nominee. Quintenz has raised concerns regarding his nomination process, particularly in light of a dispute with Gemini co-founder Tyler Winklevoss.

Key Takeaways

The confirmation of Trump nominee Brian Quintenz as CFTC chair is facing significant delays.
New candidates being considered include Michael Selig and Tyler Williams, both experienced in crypto policy.
Quintenz claims that communication with Winklevoss regarding a Gemini complaint may have influenced the nomination process.
The ongoing friction between Gemini and the CFTC complicates Quintenz’s confirmation.

New Candidates Considered for CFTC Amid Quintenz-Gemini Controversy - 1

Delays in CFTC Chair Nomination

The nomination of Brian Quintenz to chair the Commodity Futures Trading Commission (CFTC) has hit a snag, prompting the White House to consider new candidates for the role. Quintenz, who previously served as a CFTC commissioner, was nominated by President Trump earlier this year but has yet to progress through the Senate confirmation process, according to a recent report by Bloomberg.

Among the names being considered for the position are Michael Selig, who serves as chief counsel to the Securities and Exchange Commission’s (SEC) crypto task force and is a former attorney in asset management, and Tyler Williams, a counselor to Treasury Secretary Scott Bessent focused on digital asset policy, with previous experience at Galaxy Digital.

Both Selig and Williams have remained silent regarding the nominations, while the CFTC continues its operations under the leadership of Acting Chair Caroline Pham. Notably, several commissioner positions remain empty.

The White House has not formally announced a withdrawal of support for Brian Quintenz; however, the recent Bloomberg report underscores his own comments regarding the stalled nomination process and the uncertainty surrounding his confirmation.

Quintenz's Allegations Against Winklevoss

In a recent turn of events, Brian Quintenz took to social media platform X (formerly Twitter) to disclose screenshots of messages he exchanged with Tyler Winklevoss, co-founder of Gemini, in late July. Quintenz alleged that these messages indicate Winklevoss was urging him to intervene in a specific complaint from Gemini against the CFTC and to offer reassurance regarding the handling of such cases if he were to become Chair.

Quintenz claims that after he did not offer any guarantees, Winklevoss attempted to slow down or halt his CFTC nomination process. He suggested that this outreach might have led President Trump to place a pause on his confirmation, asserting that the president “might have been misled” by the Winklevoss twins.

This dispute originates from Gemini's ongoing conflict with the CFTC, including a 2022 enforcement action that concluded with a $5 million settlement earlier this year. Following this settlement, Gemini filed a complaint with the inspector general, accusing the CFTC of “lawfare trophy hunting,” which they alleged was politically motivated enforcement.

The messages shared by Quintenz seem to illustrate Winklevoss pressing for assurances that a future CFTC Chair would address the concerns Gemini raised. While the Winklevoss twins have not publicly responded to Quintenz's allegations, the dispute further complicates the already challenging confirmation process for Quintenz.