Donald Trump pulled his nominee to lead a powerful Wall Street regulator after cryptocurrency billionaires accused him of not being aligned with the president’s agenda.
Brian Quintenz, who Trump had nominated to lead the Commodity Futures Trading Commission, told NOTUS he is “looking forward to returning to my private sector endeavors during this exciting time for innovation in our country.” He had stepped away from his role as global head of policy at the venture capital fund a16z crypto pending his confirmation.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said in a statement to NOTUS. “I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration.”
The White House confirmed the news to NOTUS, with an official saying that “Brian Quintenz remains a trusted ally.”
The Trump Administration looks forward to working with him in other capacities,” the official said. “The President will be announcing a new nominee for the CFTC in the near future.”
Politico first reported the news that Quintenz’s nomination had been pulled.
The five-member CFTC is currently down to just one member, raising questions about how the regulator will function if acting Chair Caroline Pham, a Republican, departs. Trump has not yet nominated new commissioners to fill the empty seats on the CFTC, which is poised to play a greater role in regulating the booming crypto industry.
The now ex-nominee, Quintenz stalled out after Tyler and Cameron Winklevoss, the billionaire co-founders of the cryptocurrency exchange platform Gemini, in July urged Trump to drop Quintenz.
The White House had asked the Senate Agriculture Committee in July to delay the vote to confirm Quintenz, and he never regained momentum — even after he took to X earlier this month to argue the president had been “misled.”
To try to “make it clear” what the Winklevoss brothers “were after from me,” Quintenz posted screenshots that appeared to show Tyler Winklevoss criticizing the CFTC’s conduct during its case against Gemini — which settled for $5 million in January — and pushing for “cultural reform” at the agency.
Winklevoss was “disappointed and surprised” when Quintenz, a CFTC commissioner during Trump’s first term, committed to a “fair and reasonable review” but said the matter was best left to a fully confirmed chair.
“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,” Quintenz wrote.
Neither the White House nor Gemini immediately responded to requests for comment.