Former commissioner returns to private sector amid reported tensions with crypto leaders
The Trump administration has withdrawn its nomination of Brian Quintenz to chair the Commodity Futures Trading Commission (CFTC), marking a surprising turn in U.S. financial regulation. Quintenz, a former CFTC commissioner and crypto policy lead at venture capital firm a16z, confirmed that he will now return to the private sector.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said in a statement, adding that he was “grateful to the president” and the Senate Agriculture Committee for their consideration. He emphasized that he looks forward to rejoining private industry “during this exciting time for innovation in our country.”
The White House has not issued an official statement on the decision, leaving the reasons behind the withdrawal unclear.
Industry tensions
Quintenz had been widely supported by parts of the crypto industry, but his path faced obstacles. According to Quintenz, Gemini co-founders Tyler and Cameron Winklevoss opposed his nomination, allegedly pressuring President Trump to reconsider.
Last month, Quintenz released private messages with the twins, suggesting they sought assurances related to Gemini’s legal disputes with the CFTC. “I believe these texts make it clear what they were after from me, and what I refused to promise,” he said, claiming the brothers contacted Trump to pause the confirmation.
Gemini previously settled a $5 million civil case with the CFTC in January. The Winklevosses had reportedly pushed for “cultural reform” at the agency and less adversarial oversight of crypto firms.
Leadership gap at the CFTC
The CFTC has operated without a permanent chair for nearly a year, currently led by Acting Chair Caroline Pham, who had indicated she would step down once Quintenz was confirmed. His withdrawal could extend uncertainty at the agency just as Congress advances the Digital Asset Market Clarity Act, which seeks to define the regulatory boundaries between the CFTC, Securities and Exchange Commission (SEC), and other financial watchdogs.
If passed, the legislation would give the CFTC greater oversight of digital commodities such as Bitcoin and Ether, a shift seen by many industry participants as favorable compared to SEC jurisdiction.
With Quintenz stepping aside, questions remain about who will lead the agency at a critical time when crypto regulation in the U.S. is approaching a turning point.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.