The CFTC chair nomination course of is dealing with delays because the White Home reportedly weighs new candidates, with the affirmation of Trump nominee Brian Quintenz stalled within the Senate.
Abstract
- The White Home is contemplating new candidates for CFTC chair as Brian Quintenz’s stalled nomination stays unresolved.
- Reviews declare potential chair candidates embody chief counsel to the SEC Michael Selig, and Tyler Williams, a counselor to Treasury Secretary Scott Bessent
- Quintenz not too long ago alleged that Gemini founder Tyler Winklevoss tried to affect his potential function on the CFTC. The dispute stems from the trade’s long-running tensions with the fee.
The White Home is reportedly exploring new candidates to steer the Commodity Futures Buying and selling Fee after weeks of delays in confirming President Trump’s nominee Brian Quintenz. In accordance with a latest Bloomberg report, Quintenz, a former CFTC commissioner who was tapped for the chair function earlier this yr, has but to maneuver ahead within the course of.
Among the many names stated to be into account are Michael Selig, chief counsel to the SEC’s crypto process pressure and a former asset administration legal professional, and Tyler Williams, a counselor to Treasury Secretary Scott Bessent on digital-asset coverage who beforehand labored at Galaxy Digital.
Neither Michael Selig nor Tyler Williams has commented on the discussions, and the CFTC continues to function below Appearing Chair Caroline Pham, with a number of commissioner seats nonetheless unfilled.
Whereas the White Home has not formally indicated it’s backing away from Brian Quintenz, the Bloomberg report reinforces his latest remarks that the nomination course of has stalled and his affirmation stays unsure.
Quintenz’s allegations in opposition to Gemini founders over CFTC nomination
Earlier this month, Brian Quintenz took to X to publish screenshots of personal messages he says he exchanged with Gemini co-founder Tyler Winklevoss in late July. Quintenz claimed these messages present Winklevoss urging him to intervene in a Gemini grievance in opposition to the CFTC and to reassure the trade about how such instances can be dealt with if he turned Chair.
Quintenz alleged that after he declined to provide any assurances, Winklevoss sought to have his CFTC nomination slowed or halted. He stated the outreach might have led President Trump to pause the affirmation course of, writing that the president “may need been misled” by the Gemini founders.
The dispute traces again to Gemini’s long-running conflict with the CFTC, together with a 2022 enforcement motion that resulted in a $5 million settlement earlier this yr. After the settlement, Gemini filed an inspector-general grievance accusing the company of “lawfare trophy looking,” which it stated mirrored politically motivated enforcement.
The textual content messages launched by Quintenz seem to indicate Winklevoss urgent for alerts {that a} future Chair would deal with these considerations. The Winklevoss twins have but to publicly reply to the CFTC nominee’s claims, however the dispute has added friction to the already troublesome affirmation course of.
