White House Withdraws Brian Quintenz's CFTC Nomination Amid Crypto Lobbying Concerns
The White House has unexpectedly withdrawn Brian Quintenz's nomination to lead the Commodity Futures Trading Commission (CFTC). Quintenz, previously considered a strong contender, faced opposition from the Winklevoss twins, founders of the Gemini crypto exchange.
Quintenz's ties to Kalshi, a prediction market firm, and crypto lobbying may have influenced the decision. His release of private texts from Tyler Winklevoss in September further strained relations. The Winklevoss twins had urged President Trump to reconsider Quintenz's nomination.
Acting CFTC chair Caroline Pham will stay in place while new candidates are considered. She plans to step aside once a permanent chair is confirmed. The CFTC's role has expanded, with lawmakers considering giving it direct authority over cryptocurrency. The next nominee will need to balance investor protection with keeping the U.S. competitive in global markets.
The CFTC chairmanship is now open for new candidates. The next nominee will face challenges balancing regulatory duties with maintaining the U.S.'s competitive edge in global markets, particularly in light of the growing influence of crypto.
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