Brian Quintenz, a policy leader at Andreessen Horowitz (a16z), who was nominated to chair the Commodity Futures Trading Commission (CFTC), will not be appointed as the head of the CFTC. He was chosen earlier this year to lead the CFTC, but faced major hurdles in getting approved.
As reported by Politico, Gemini’s Co-Founder Tyler Winklevoss and President Cameron Winklevoss opposed his nomination due to possible conflicts of interest, and there were also concerns about the lobbying efforts of a16z, the firm he works for. They urged the U.S. President Donald Trump to rethink choosing Quintenz for the Wall Street regulator role.
A White House official confirmed the withdrawal, calling Quintenz a “trusted ally” and stating that the Trump administration wants to work with him elsewhere. The official noted Trump’s goal to make America the “crypto capital of the world,” which includes strengthening the CFTC’s role. They added that a new nominee will be announced soon.
CFTC is poised to play a central role in crypto regulation, as lawmakers advance bills to expand its oversight of digital assets. Quintenz further described the nomination and Senate review as “the honor of my life.” He also expressed gratitude to the President and the Senate Agriculture Committee.
Quintenz’s CFTC role delayed, Selig now leading candidate
Quintenz’s nomination to lead the CFTC faced delays, with the Senate Agriculture Committee canceling votes twice this summer. He previously served as a CFTC commissioner during President Trump’s first term, a move that drew support from the cryptocurrency sector at the time.
Mike Selig, a top lawyer for the SEC’s crypto task force and advisor to its chair, is now the top contender for the role. Others being considered include lawyers Josh Sterling and Isabelle Corbette Sterling, and former CFTC Commissioner Jill Sommers.