The White Home withdrew former Commodity Futures Buying and selling Commissioner Brian Quintenz’s nomination to run the company late Tuesday, capping off a month-long battle over U.S. President Donald Trump’s choose for company chair.
Trump tapped Quintenz shortly after retaking workplace. Quintenz joined enterprise agency Andresseen Horowitz’s world head of coverage, and has been an adviser to companies like prediction market Kalshi since leaving the CFTC following his time period as commissioner.
In an announcement to CoinDesk, Quintenz mentioned, “Being nominated to chair the CFTC and going by way of the affirmation course of was the respect of my life. I’m grateful to the President for that chance and to the Senate Agriculture Committee for its consideration. I [am] wanting ahead to returning to my personal sector endeavors throughout this thrilling time for innovation in our nation.”
Politico and Punchbowl Information earlier reported that the White Home had withdrawn Quintenz’s nomination.
Quintenz has made statements in favor of the crypto business since his first time period as commissioner, together with floating the thought of a self-regulatory group for the business much like securities markets’ Monetary Trade Regulatory Authority (FINRA). Regardless of this, crypto alternate Gemini co-founders Tyler and Cameron Winklevoss — each of whom help Trump — opposed his nomination in late July, with Tyler telling CoinDesk that he didn’t consider Quintenz’s views on builders and his work with Kalshi certified him for the function.
Nevertheless, Quintenz launched messages he had exchanged with the Winklevoss brothers earlier this month, suggesting that they actually opposed his nomination as a result of he wouldn’t decide to a public view on a CFTC enforcement motion in opposition to Gemini. In his messages, Quintenz mentioned that it will be higher for a “absolutely confirmed chair” to evaluate the CFTC’s actions.
Crypto lobbyist organizations and firms wrote a public letter supporting his nomination in a late August bid to place his nomination again on monitor.
Nonetheless, the White Home requested the Senate Agriculture Committee to postpone a vote on Quintenz’s nomination just a few instances in July. Final week, Semafor reported that it had begun vetting new candidates to run the company, which at current is helmed by Performing Chairman Caroline Pham. All the different commissioners on the company at first of 2025 have since left, and Pham has indicated her intention to depart as nicely in some unspecified time in the future, CoinDesk beforehand reported.
The CFTC’s potential lack of a everlasting chair comes as Congress considers laws that will give the company a extra distinguished function in regulating crypto spot markets, although the legislative course of is prone to be delayed by a pending authorities shutdown.
UPDATE (Sept. 30, 2025, 23:48 UTC): Provides extra context, clarifies that Quintenz joined a16z following his time period as CFTC commissioner.