Former US Commodity Futures Trading Commission (CFTC) member Brian Quintenz, initially nominated by President Donald Trump to chair the agency, may no longer face a Senate vote. Reports indicate the Trump administration is vetting Josh Sterling, a former CFTC market participants director, as an alternative candidate, following a stall in Quintenz’s nomination.
Sterling served at the CFTC from 2019 to 2021 and did not face a Senate confirmation vote at the time. He currently works as a partner at the international law firm Milbank. Other reported candidates include Mike Selig, chief counsel at the SEC’s crypto task force and adviser to SEC Chair Paul Atkins, and Tyler Williams, former global head of policy at Galaxy Digital and counselor to Treasury Secretary Scott Bessent.
Quintenz was nominated in February and faced a June Senate Agriculture Committee hearing. A vote was expected in late July but was delayed by the White House without explanation. Since the departure of Commissioner Kristin Johnson on Sept. 3, the CFTC has been led solely by acting chair Caroline Pham, raising concerns about regulatory oversight.
Sterling warns of risks amid CFTC leadership gaps
In a Sept. 12 letter, Sterling highlighted potential market risks due to understaffing at the CFTC. He warned that leaving key regulators unmanned could compromise markets that are essential for the US economy and routine commerce. Sterling also criticized the agency under Pham for alleged “abuse, mismanagement, and waste” while defending a Milbank client.
Winklevoss influence on Trump’s pick
The Winklevoss twins, Cameron and Tyler, co-founders of Gemini, have reportedly influenced Trump’s consideration of CFTC candidates. The brothers, major supporters of Trump’s 2024 campaign, contributed $2 million in BTC and later donated $21 million in Bitcoin to a pro-Trump political action committee in August.
The twins attended the July signing of the GENIUS Act, a stablecoin bill, and are said to have pushed for a delay in Quintenz’s Senate vote. On Sept. 10, Quintenz shared text messages with the Winklevosses, suggesting they sought assurances regarding CFTC enforcement actions should he be confirmed. Despite advocacy letters from crypto and blockchain associations supporting Quintenz, his confirmation remains uncertain, with no hearing currently scheduled on the Senate Agriculture Committee calendar.