Tyler and Cameron Winklevoss, both billionaires and longtime crypto backers of President Trump, are openly fighting Brian Quintenz, the man Trump nominated to run the Commodity Futures Trading Commission.
The clash broke into public view last week as the twins prepared their company Gemini Space Station for its market debut, as Cryptopolitan reported earlier.
The feud came to light when Brian posted private messages from Tyler on X. In those messages, Tyler raged over what he called years of pressure from the Biden administration on Gemini and demanded help from Trump’s nominee. “7 years of lawfare trophy hunting. It’s outrageous what they did to us,” Tyler wrote in July.
Winklevoss brothers flex political muscle in Washington
The 44-year-old twins have poured millions into Trump’s comeback and into pro-crypto groups that want friendlier regulators. They are determined to see the CFTC steered by someone who will ease the rules on crypto. But instead of supporting Brian, a Republican with backing from many industry groups, the brothers are fighting him.
Critics were quick to call it personal. Lee Reiners, a lecturing fellow at Duke University, said, “It’s a total temper tantrum. This is about wanting revenge and wanting to punish people…It’s not necessarily about policy going forward.” The fight caught attention because Brian has been known as pro-crypto, yet the brothers still chose to go after him.
The twins have always thrived on conflict. At Harvard, they sued Mark Zuckerberg, accusing him of stealing their idea for Facebook, a story later told in “The Social Network.”
They walked away with $65 million in cash and stock. They later bet big on bitcoin, buying in 2012 when the price was below $10. In 2013, they tried to launch the first bitcoin ETF, but the SEC blocked them.
Their exchange Gemini, founded in 2014, was supposed to cement their place in the industry. The IPO last week raised $425 million, leaving them with about 75 million shares and 94.7% of the voting power.
But after an initial pop, shares fell more than 20% and dropped below the $28 IPO price. The exchange has struggled in recent quarters, losing money while larger players like Coinbase dominate.
Trump allies build new networks as nomination stalls
The brothers are keeping their political connections close as Gemini weathers losses. Last year they gave Trump’s presidential campaign direct backing.
They also handed nearly $5 million to a pro-crypto group that spent on Congressional races. Just last month, they gave $21 million worth of bitcoin to Digital Freedom Fund, a new super PAC built to support crypto and Trump.
Trump has made his feelings known. At a bitcoin event last year, he called the twins “male models with a big, beautiful brain,” a moment that marked his turn from doubter to strong supporter of crypto.
Earlier this year, the twins teamed up with White House crypto czar David Sacks, Donald Trump Jr., and other investors to start a private D.C. club called Executive Branch. It charges a $500,000 entry fee and ongoing dues, making it one of the priciest political hangouts in town.
As for Brian, his path to the CFTC has hit a block. The White House is weighing other names as confirmation slows.
On the table are Michael Selig, chief legal counsel for the SEC’s crypto task force, and Tyler Williams, who advises Treasury Secretary Scott Bessent and once worked at Galaxy Digital. Both men have crypto backgrounds and are now in the mix to take the chair instead.
The Winklevoss brothers’ campaign has left Washington wondering why two of Trump’s richest allies are so determined to sink one of his nominees.
Their actions have put pressure on the White House and created another layer of uncertainty around who will end up controlling the CFTC at a time when crypto regulation is already at the center of national politics.
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Source: https://www.cryptopolitan.com/tyler-cameron-winklevoss-crypto-power-move/
