The Trump administration withdrew Brian Quintenz’s nomination from consideration last week after he became embroiled in a public spat with crypto billionaires Tyler and Cameron Winklevoss.
The development leaves acting CFTC Chair Caroline Pham alone at the helm of the agency with no replacement in sight, as the commission seeks to set crypto policy and faces down the prospect of greater responsibilities overseeing the industry with new legislation.
“It’s disappointing that we spent so much time with someone who I thought was a fantastic candidate in Brian Quintenz for the role of CFTC chair only to have the nomination pulled now over what seem to be political issues,” said Jake Chervinsky, chief legal officer at Variant Fund.
“That said, I think the most important thing by far is that we get someone through the Senate Agriculture Committee and into that seat as a confirmed chair,” he added.
“And if it wasn’t going to be Brian, I’m glad that the White House is making the call now to move on from Brian and find someone else who’s up to the job and can get through the political process.”
The agency started the year with a full five-member commission. Former CFTC Chair Rostin Behnam, a Democrat, left at the outset of the new Trump administration, as is typical.
However, his fellow commissioners, Republicans and Democrats alike, shortly followed suit.
Summer Mersinger and Christy Goldsmith Romero departed the CFTC in May, while Kristin Johnson announced her plans to leave the agency. She officially departed in early September.
Meanwhile, Pham has said she intends to leave once her replacement is confirmed. This appeared imminent after Trump nominated Quintenz, global head of policy at a16z crypto and a former CFTC commissioner, for the role in February.
Quintenz, whose nomination was widely cheered by the crypto industry, seemed poised to sail through the Senate.
However, his confirmation stalled this summer, with the White House asking the Senate Agriculture Committee to delay a planned vote to advance his nomination in late July.
In September, Quintenz released a series of private messages between himself and the Winklevoss twins, accusing them of interfering with his confirmation after he offered a noncommittal response to their prodding about a CFTC inspector general complaint.
“I believe these texts make it clear what they were after from me, and what I refused to promise,” he wrote on the social platform 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.”
Reports emerged in recent weeks that the White House was considering new candidates, before it officially withdrew Quintenz’s nomination.
Check out the full report at TheHill.com tomorrow morning.
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