Following the US budget crisis, which has been talked about for days as the 2025 fiscal year draws to a close, an agreement on a budget to fund the federal government has been reached. As a result, the US federal government has officially shut down.
While the shutdown continues to be discussed on the US agenda, a new announcement came from the White House.
The White House withdrew Brian Quintenz's nomination to chair the Commodity Futures Trading Commission (CFTC) on Tuesday evening, Politico reported.
“It was the honor of my life to be nominated to chair the CFTC and go through the confirmation process,” Quintenz said, confirming a report published in Politico on Tuesday.
“I am grateful to the Chairman for this opportunity and to the Senate Agriculture Committee for considering it. I look forward to returning to my private sector work during this exciting time of innovation in our country.”
Brian Quintenz, a former CFTC member and head of cryptocurrency policy at a16z, was widely supported by the crypto industry, but his nomination faced delays in Congress.
Gemini exchange founders Tyler and Cameron Winklevoss also opposed Quintenz's candidacy, arguing that past decisions involving Quintenz could create a conflict of interest.
While the delays raise questions about Quintenz's nomination, Fox Business reporter Eleanor Terrett recently reported, citing sources familiar with the matter, that the White House is considering nominating former CFTC chair Jill Sommers and National Credit Union Administration (NCUA) President Kyle Hauptman for CFTC chair.
Terrett noted that both support cryptocurrencies.
*This is not investment advice.