The White House has withdrawn the presentation of Brian Quintenz as chairman of the Commodity Futures Trading Commission (CFTC). This only seems to be increasing the struggle for power with the regulator.
The question is how long the CFTC can continue to function without fixed management, especially now that there are plans in the congress to give the agency more control over the cryptomarkt.
Winklevoss brothers turn against appointment Quintenz
Quintenz, former commissioner at the CFTC and later policy director at Venturefirmary Andreessen Horowitz, was known as a pronounced proponent of Crypto. Since his departure from the regulator, he advised the Kalshi platform, among others. President Trump recited him again early this year, shortly after he returned to the White House.
His appointment, however, encountered unexpected resistance, including the brothers Tyler and Cameron Winklevoss, founders of the Gemini trade fair. Both are known as Trump supporters, but announced in July that they had no confidence in Quintenz. According to Tyler Winklevoss, his consultancy work at Kalshi and his vision of the role of developers was insufficient to make him suitable for the position.
Quintenz reacted by making messages public showing that the brothers had particularly difficulty with his refusal to speak public about a current CFTC case against Gemini. In those reports, Quintenz wrote that according to him this was a task for a fully confirmed chairman.
The nomination came under further pressure as a result. Several times the Senate Committee Agriculture was asked by the White House to postpone the mood. At the same time, lobby groups and crypto companies expressed their support for Quintenz in an open letter. That did not change the course of the procedure. Last week, Politico reported that the White House was already assessing other candidates.
Return to private sector for Quintenz
Quintenz himself spoke of “the honor of my life” to be nominated. “I am grateful to the President for this opportunity and I see it to return to work in the private sector in this exciting time for innovation in our country.”
The CFTC is now led by acting chairman Caroline Pham. All other commissioners have since left and Pham has also indicated that she will not continue her position infinitely. This threatens a situation in which the supervisor is without a fixed leadership, precisely when Washington works on legislation that the CFTC has to give a greater role in supervising the cryptomarkt.
Source: https://newsbit.nl/witte-huis-stopt-nominatie-pro-crypto-brian-quintenz-voor-cftc/
