Pro-Crypto Quintenz Faced Pushback From Gemini’s Co-Founders
Quintenz’s nomination began to unravel after pressure from the Winklevoss twins, who publicly questioned his qualifications and objected to his stance on a CFTC enforcement action against their firm.
In late July, Tyler Winklevoss said that he did not believe that Quintenz’s views on developers and his experience at Kalshi qualified him for the role. The Winklevoss twins subsequently urged Trump to reconsider Quintenz’s nomination.
In September, Quintenz took to X and shared private messages that were exchanged between himself and the Winklevoss twins.
He suggested that the real reason the Gemini co-founders opposed his nomination was because he would not commit to a public view on a CFTC enforcement action against their firm.
“I believe these texts make it clear what they were after from me, and what I refused to promise,” Quintenz wrote on X.
“It’s my understanding that after this exchange they contacted the President and asked that my confirmation be paused for reasons other than what is reflected in these texts.”
Crypto lobbyist organizations and companies had written a public letter supporting Quintenz’s nomination towards the end of August in an effort to get the former commissioner’s nomination back on track.
That wasn’t enough, however, as the White House asked the Senate Agriculture Committee to postpone a vote on Quintenz’s nomination. Last week, it was reported that the process to vet alternative candidates had already started.
CFTC Likely To Become A Key Crypto Regulator
The challenges at the CFTC come as US lawmakers push to make the agency a key regulator in the crypto space through the Digital Asset Market Clarity Act, known as the CLARITY Act.
The bill has made its way through Congress, and aims to clarify the roles of the CFTC, the SEC, and other agencies with regards to crypto regulation.
It also seeks to clearly define which cryptos fall under the purview of each agency, by dividing these digital assets into three categories: digital commodities, investment contract assets, and permitted payment stablecoins.
If signed into law, the CLARITY Act would give the agency exclusive regulatory jurisdiction over transactions in digital commodities in the spot and cash markets.
Quintenz said it had been the “the honor of my life” to be nominated to head the CFTC, adding that he would return to the private sectors amid an “exciting time for innovation” in the US.
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