Tyler and Cameron Winklevoss, the crypto billionaires behind Gemini, reportedly urged President Donald Trump to withdraw his support for Brian Quintenz’s nomination as the head of the Commodity Futures Trading Commission (CFTC). According to Politico, the Winklevoss brothers were concerned that Quintenz, a former CFTC commissioner, was too aligned with the status quo and lacked the bold vision necessary to reshape the agency’s stance on crypto markets. They argued that he wouldn’t push for the transformative reforms needed for the CFTC to properly align with Trump’s crypto-focused agenda.
Winklevoss brothers intervene in CFTC nomination process
The Senate’s vote on Quintenz’s nomination was initially set to move forward, but the White House requested a delay. Behind the scenes, officials were working to keep Quintenz as the nominee despite rising concerns within the crypto community. One key point of contention was Quintenz’s testimony supporting a budget increase for the CFTC, aimed at expanding the regulator’s ability to oversee crypto markets, which the Winklevoss brothers saw as a bureaucratic move.
Despite the delay, a White House official confirmed that Quintenz remained the administration’s pick for the CFTC role, indicating that efforts to maintain his nomination were ongoing.
Ethical concerns spark scrutiny over Quintenz’s ties
As Quintenz’s nomination process unfolded, new questions arose regarding his role at Kalshi, a prediction market platform. Emails surfaced on Capitol Hill suggesting that Quintenz’s associates sought information that could impact markets regulated by the CFTC. Critics raised concerns about his financial stake in Kalshi, questioning whether it would create a conflict of interest if he were to lead the CFTC, which oversees such platforms. Quintenz has pledged not to benefit from privileged access, but the ethics of his appointment remain a subject of debate in Washington.
It remains unclear whether the White House will continue to back Quintenz or reopen the nomination process.