Cameron and Tyler Winklevoss, Trump donors, oppose Brian Quintenz’s nomination to head CFTC. Josh Sterling, Mike Selig, Tyler Williams considered alternatives
Winklevoss thwarts Quintenz’s CFTC nomination
Donald Trump’s nominee for CFTC chairman, former commissioner Brian Quintenz, may not make it to a Senate vote. According to Semafor, the administration is considering other options — Josh Sterling, Mike Selig, and Tyler Williams.
Sterling, who headed the CFTC division from 2019 to 2021 and is now a partner at law firm Milbank, has extensive experience working with market participants. Selig currently serves as the chief counsel in the SEC’s crypto division and an advisor to SEC Chairman Paul Atkins. Williams is an advisor to Treasury Secretary Scott Bessant and former head of policy at Galaxy Digital.
The role of the bitcoin brothers
Quintens was nominated by Trump in February, but his hearing was postponed after a request from the White House. The media attributed the pause to pressure from Cameron and Tyler Winklevoss, who supported Trump with $21 million in BTC and are known as the founders of Gemini.
According to reports, it was they who lobbied to postpone the vote and demanded guarantees from Quintensz about future actions of the CFTC. Quintensz himself even released correspondence with the brothers that hints at their demands.
CFTC leadership crisis
Since September, the agency has been effectively headed only by acting Caroline Pham after the departure of Commissioner Christine Johnson. Sterling has warned in his articles that the lack of personnel at the key financial regulator threatens the stability of the markets.
What’s Next
Despite public support for Quintens from crypto associations, his chances of leading the CFTC are looking increasingly slim. The administration appears to be looking for a candidate who will please both Trump and influential crypto industry donors.
Related: The SEC and CFTC are planning a joint roundtable later this month to align their regulatory approaches to DeFi and perpetual contracts
