The White House has removed Brian Quintenz as a nominee to head the CFTC
Quintenz was US President Donald Trump's first choice to fill the role
However, pressure from outside sources led the Trump Adminstration to reconsider the selection
Brian Quintenz is out as the nominee to lead the Commodities Futures Trading Commission. The hand-picked first choice of US President Donald Trump to fill the role, White House sources confirmed that a formal announcement will be made regarding this decision in the coming days.
“Brian Quintenz remains a trusted ally and the Trump administration looks forward to working with him in other capacities,” a White House official
told Politico.
Quintenz also confirmed his removal to Politico.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said in a message 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.”
The CFTC is a federal regulator that oversees cryptocurrency, as well as the prediction market industry. The latter is currently a hot-button issue in the gambling industry. Betting sites argue that event contracts are a form of illegal gambling. However, since these prediction market sites are federally regulated, state gambling regulatory bodies have had little success in halting the operation of these sites.
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Quintenz was a controversial choice from the outset
A former CFTC commissioner, there was concern about the nomination of Quintenz almost from the outset. He previously worked with venture capital firm Andreessen Horowitz. However, it was his role with prediction market company Kalshi that had led to significant concern among leaders in the sports betting industry.
It was felt that the familiarity Quintenz had with prediction market sites might lead him to lean in favor of that industry in the ongoing battle over the legality of event contracts.
While his selection did seem to be a popular choice among cryptocurrency companies, one group, the Gemini cryptocurrency exchange, put forth organized resistance to the Quintenz nomination. Crypto billionaires Tyler and Cameron Winklevoss, co-founders of Gemini, lobbied President Trump to change his mind about Quintenz. They felt that Quintenz didn't share Trump's vision for the CFTC.
Some members of Congress were also pleased by the White House decision to remove Quintenz from consideration for the role.
“Good,” Nevada Rep. Dina Titus posted on the social media site X about the news of Quintenz being removed as a nominee for the position. “The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”
Who might be the next choice to head the CFTC?
Already, several names are being suggested as the new nominee to head the CFTC.
There's Jill Sommers. Like Quintenz, she is a former CFTC commissioner. Mike Selig, who is the chief counsel for the Securities and Exchange Commission’s crypto task force, is another possibility.
Tyler Williams has also been suggested. He is currently serving as a crypto policy adviser to US Treasury Secretary Scott Bessent.
An interesting possibility is Josh Sterling. At one time, he was a CFTC official. Sterling is currently a partner at the Milbank law firm.
Milbank has been serving as Kalshi's lawyer in many of its legal battles over the prediction market industry.
Since Trump was inaugurated as President, Caroline Pham has served as acting Chair of the CFTC. She plans to leave the CFTC once her successor has been approved.
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