White House withdraws Quintenz nomination for CFTC chair

TL;DR

• President Trump has withdrawn Brian Quintenz’s nomination to lead the Commodity Futures Trading Commission following opposition from crypto billionaires Tyler and Cameron Winklevoss
• The withdrawal leaves the CFTC without a permanent chair, with Caroline Pham continuing as acting chairman whilst the administration searches for a new nominee
• Gaming industry groups also opposed Quintenz’s nomination due to his ties to prediction market platform Kalshi, raising concerns about regulatory conflicts

President Trump has withdrawn former CFTC commissioner Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission, ending weeks of uncertainty over the stalled confirmation process. The White House confirmed the decision on Tuesday evening, with an official stating that a new nominee would be announced “in the near future”.

Opposition from crypto industry figures

The withdrawal follows sustained opposition from prominent crypto figures, particularly Tyler and Cameron Winklevoss, co-founders of cryptocurrency exchange Gemini. In July, the billionaire twins lobbied President Trump to reconsider his selection of Quintenz, arguing his positions were not aligned with the administration’s crypto agenda.

Quintenz later released private Signal messages with the Winklevoss brothers, suggesting they had attempted to influence his regulatory approach regarding Gemini’s settlement with the CFTC. The exchange settled for $5 million in January after allegations of making false and misleading statements about Bitcoin products

“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” said Quintenz in a statement to Politico.

“I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration. I look forward to returning to my private sector endeavors during this exciting time for innovation in our country”.

Gaming industry concerns

Beyond crypto opposition, traditional gaming industry groups raised concerns about Quintenz’s board position with prediction market platform Kalshi. The American Gaming Association and 17 tribal organisations wrote to the Senate Agriculture Committee demanding a more rigorous review of his nomination.

Gaming lobbyists criticised Quintenz’s support for prediction markets, viewing them as a potential threat to traditional gambling interests. Representative Dina Titus, co-chair of the Congressional Gaming Caucus, had urged the CFTC to investigate potential conflicts of interest regarding his financial holdings in Kalshi.

Acting chair continues leadership

Acting Chairman Caroline Pham remains the sole commissioner at the CFTC following a series of departures in 2025. She has launched several “Crypto Sprint” initiatives, including approvals for stablecoins as tokenised collateral in derivatives markets and efforts to bring crypto activity back to the United States.

“President Trump has made it a priority to make America the crypto capital of the world, and in doing so has called for the revitalization of the Commodity Futures Trading Commission to play a larger role in securing this promise,” said a White House official.

The CFTC’s role has expanded beyond traditional commodity markets, with lawmakers considering granting the agency direct jurisdiction over cryptocurrencies under the Trump administration. This would position the CFTC as a major influence among Washington’s financial regulators, significantly affecting the digital asset sector’s trajectory.