The White House has withdrawn Brian Quintenz’s nomination to serve as a board member and chair of the Commodity Futures Trading Commission (CFTC). Politico reported on Tuesday, citing two sources who spoke on condition of anonymity ahead of an official announcement.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said. “I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration. I look forward to returning to my private sector endeavors during this exciting time for innovation in our country.”
The development follows recent reports that the White House is considering additional candidates to chair the Commodity Futures Trading Commission, as the confirmation process for Brian Quintenz to lead the regulator had not made significant progress.
As previously reported by Cryptopolitan, Quintenz has encountered a roadblock to his nomination due to political pressure and lobbying from high-profile crypto executives, led by the Winklevoss brothers.
The withdrawal ends a remarkable series of developments for a nominee who was once considered all but certain to be confirmed. The former CFTC commissioner, with experience at venture capital firm Andreessen Horowitz and the prediction market startup Kalshi, had enjoyed strong backing from both the cryptocurrency sector and traditional finance.
CFTC leadership race heats up as crypto policy stakes rise
The CFTC plays a crucial role in regulating cryptocurrency markets. The Senate Agriculture Committee oversees nominations for the agency, including oversight of digital asset market developments. The agency, which is responsible for overseeing trillions of dollars in swaps trading, is poised to gain more influence over digital assets under legislation being considered in Congress.
Quintenz’s nomination, announced at the beginning of the year, was initially praised by sections of the crypto industry as he already works actively in the industry, being the head of policy at a16z crypto.
The agency, which was designed to be a five-person, bipartisan commission, has been reduced after a string of resignations to just the acting Chairman, Caroline Pham, a Republican whom former President Joe Biden appointed to the commission.
The other top US market regulator, the Securities and Exchange Commission, has had Paul Atkins as its permanent chairman since April.
Crypto heavyweights and new contenders shake up CFTC chair race
In a July call, crypto billionaires Tyler and Cameron Winklevoss urged President Donald Trump to reconsider Quintenz’s nomination to lead the influential Wall Street regulator overseeing the $4 trillion market. The brothers informed Trump that Quintenz was disconnected from the president’s agenda,
Soon after the call, the White House asked the Senate Ag Committee to postpone a scheduled meeting where lawmakers would have likely advanced Quintenz’s nomination to a full-floor vote
At the beginning of September, Quintenz took to social media to suggest that the president “might have been misled” by the twins. He posted screenshots of private messages he claimed to have exchanged with Tyler Winklevoss in late July, before his confirmation hearing was put on hold.
An additional slate of potential candidates to lead the CFTC has emerged, with discussions intensifying in recent weeks. The possible contenders include government officials with a focus on crypto policy.
Earlier reports indicate that Michael Selig, chief counsel to the Securities and Exchange Commission’s crypto task force, is among the additional candidates discussed for CFTC chair. Initially, he was a partner in Willkie Farr & Gallagher’s asset management practice.
Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital asset policy, is also considered a candidate for the role. He joined the Treasury from Galaxy Digital, a digital assets investment firm.
Josh Sterling, a former CFTC official who is now a partner at the law firm Milbank, and former CFTC Commissioner Jill Sommers are also potential candidates to lead the CFTC.
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Source: https://www.cryptopolitan.com/white-house-pulls-quintenzs-cftc-nomination/
