White House Withdraws Quintenz CFTC Nomination Amid Crypto Feud

The White House’s late Tuesday withdrawal of Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission represents a significant reversal for an appointment that had initially drawn support from both traditional finance and the digital asset sector. President Donald Trump had tapped the former commissioner to lead the regulator less than eight months earlier, with Quintenz widely considered a strong contender for the position given his background as a former CFTC commissioner and his subsequent role at venture capital giant Andreessen Horowitz.

According to Politico, which first reported the withdrawal citing two people familiar with the decision, the administration will announce a new nominee “in the near future.” The abrupt ending to Quintenz’s candidacy underscores the complex political dynamics surrounding financial regulation, particularly as the CFTC’s importance has grown far beyond its traditional role overseeing commodity markets like corn and oil. Since Trump’s return to power, lawmakers have been weighing whether to hand the agency direct authority over cryptocurrency, a shift that would transform the CFTC into one of the most influential financial regulators in Washington.

Central to Quintenz’s nomination troubles was his very public feud with crypto billionaires Tyler and Cameron Winklevoss, who in July urged Trump to reconsider his choice, arguing that Quintenz was out of step with the president’s crypto agenda. The conflict between Quintenz and the Gemini exchange co-founders escalated significantly in September when Quintenz released private texts from Tyler Winklevoss in which the Gemini co-founder argued the CFTC had treated his company unfairly and demanded Quintenz commit to reform.

The tension between Gemini and the CFTC dates back to 2017, culminating in the regulator suing Gemini in 2022 for making false and misleading statements. The case resulted in a $5 million settlement in January of this year, though Gemini maintains that the allegations were based on those of a “false whistleblower.” Quintenz pushed back against the Winklevoss twins’ characterization of his positions, suggesting they had misled the president about his regulatory approach.

Jakob Kronbichler, CEO and co-founder of on-chain credit marketplace Clearpool, told Decrypt that while such public disputes “certainly didn’t help,” nominations at this level are rarely decided by one incident. “Other factors such as political alignment, relationships across the industry and confidence among policymakers are just as important,” Kronbichler noted. “Ultimately, what matters is whether a candidate can command trust from both markets and Congress.”

Beyond the Winklevoss conflict, Quintenz’s nomination faced additional headwinds due to his advisory role with Kalshi, a prediction market firm that has sought entry into sports betting. The political complications arising from this relationship highlight the increased scrutiny on the connections between regulators, industry participants, and the White House.

Kronbichler emphasized that the intense attention on Quintenz’s nomination reflects how closely the politics around crypto are being watched. “Debate is normal and necessary in policymaking,” he said. “What it does show is how closely the politics around crypto are being watched, and how much more scrutiny there is now on the relationships between regulators, industry, and the White House.”

The Crypto Council’s CEO Ji Kim expressed support for Quintenz, calling him “a principled leader with deep expertise” who “would have been an exceptionally strong and principled leader for the CFTC, our industry, and our country.” This endorsement from a major industry group underscores the complex balancing act facing any CFTC nominee in an environment where digital assets have become a central focus of financial regulation.

With Quintenz’s withdrawal, the CFTC remains under the leadership of acting Chair Caroline Pham, a Republican who has pledged closer coordination with the SEC while defending the CFTC’s independence. Pham has indicated she plans to step aside once a permanent chair is confirmed, leaving the administration to find a candidate who can navigate the evolving regulatory landscape.

Kronbichler suggested that the next nominee will need to demonstrate credibility with both Wall Street and Washington while balancing multiple competing priorities. “The CFTC has a central role in setting standards for derivatives and trading venues, and the next nominee will need credibility with both Wall Street and Washington,” he said. “Regulatory experience and a practical approach to innovation will be crucial. It’s not about being for or against crypto, but about recognising digital assets are already part of global markets.”

The administration will need to identify a candidate who can “apply the same rigor to digital assets as to traditional markets” while engaging globally because “markets don’t stop at national borders.” The next CFTC chair will face the critical challenge of balancing investor protection with maintaining U.S. competitiveness in rapidly evolving financial markets, particularly as the agency’s potential expanded authority over cryptocurrency could make it one of Washington’s most powerful financial watchdogs.