CFTC chairman nominated Brian Quintenz published several messages he had exchanged with Tyler Winklevoss, apparently in an attempt to get his nomination process back on track.
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The story
Wednesday, at Coindesk’s policy and regulatory event, an important topic of conversation was a post from former Commodity Futures Trading Commission Commissioner Brian Quintenz, where he shared chatlogs from a conversation with Gemini co-founder and CEO Tyler Winklevoss, an unexpected step from a former public official waiting for Senate to confirm him to confirm him to confirm him to his head up The Commodities regulator.
Why it matters
Quintenz’s path to becoming chairman of CFTC seemed ready until the end of July, when the Senate Agricultural Committee twice postponed a key vote to promote his nomination. The White House asked the committee to pause the vote without originally giving an explanation, although Winklevoss later told Coindesk that he had lobbyed the White House to impose that team. CFTC is set to become the primary spot market regulator for crypto in the United States and is currently helped by acting chairman Caroline Pham, who intends to leave the agency after Quintenz’s nomination and no other commissioners. The potential lack of leadership as the agency is tasked with getting new mandates, can slow down or otherwise complicate the rules in which it engages.
Breaks down it
An active nominee awaiting a Senate vote that shares an exchange he had with donors to the president is, to say the least, unusual. In his post, Quintenz said he “had never been inclined to release private messages,” but that he thought President Donald Trump might have been misled. “
“I’ve sent here the messages that include the questions Tyler Winklevoss asked me about their prior litigation with CFTC,” he said. “I think these texts make it clear what they were after from me and what I refused to promise. It is my understanding that after this exchange they contacted the president and asked for my confirmation to break for reasons other than what is reflected in these texts.”
The texts he shared showed that he had exchanged messages with Winklevoss on July 24 and 25. The first postponed vote in the Senate Agricultural Committee was originally scheduled for July 21, and the re -planned vote was on July 28. The White House requested that at least the second vote be delayed.
Spokesman for Gemini and Senate Agricultural Committee did not return requests for comment and an official in the White House could not be reached. Quintenz refused to comment beyond his post when he was reached earlier this week by Coindesk.
The messages were about Gemini’s complaint with CFTC’s Inspector General tied to a CFTC case against the exchange that was settled earlier this year. Winklevoss asked Quintenz for his thoughts on the complaint, while Quintenz repeatedly said it would be better for “a fully confirmed chairman” to weigh into the case.
It’s unclear from the messages whether Winklevoss asked for a Quid Pro Quo (He mentioned that Quintenz had asked for endorsement) Or just tried to confirm to his own satisfaction that Quintenz would end what Winklevoss described as “Lawfare” against Gemini and otherwise transforms the agency into being more industry -friendly.
At Quintenz’s end, his restraint was probably political saw wine – if he had committed to some form of commitment, he might have had to regain himself from engaging in the question when he actually comes to the agency. If he committed himself and it became public before a Senate vote, it would probably also be a talking point if there is a debate about his nomination. Quintenz also said in the messages that he had no “something close to a full picture of what is going on inside the building,” and that he “decided to wait until I can get into the role to get that view as opposed to trying to get it now through current leadership.”
The timing of Quintenz’s confirmation votes – he needs both the Senate Agricultural Committee to promote him and the entire Senate to confirm him – remains in doubt. But it is a sign of how much this process has slowed down that he felt that these messages would help his case.
Monday
- There are no hearings or votes scheduled for the coming week.
If you have thoughts or questions about what to discuss next week or any other feedback you would like to share, feel free to e -mail me at [email protected] or find me at bluesky @nikhileshde.bsky.social.
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See you next week!
