Brian Quintenz, a former CFTC member and Donald Trump’s nominee to chair the agency, might not undergo a Senate vote, as reports indicate Trump is exploring other candidates.
A Semafor report on Wednesday revealed that the Trump administration is evaluating Josh Sterling, a past director at the CFTC’s market participants division, for the chair position, suggesting Quintenz’s nomination is on hold.
Sterling served at the CFTC from 2019 to 2021, his appointment occurring during Trump’s first term, and he did not face a Senate vote. He currently works as a partner at Milbank, an international law firm.
Other potential candidates for the financial regulator’s leadership reportedly include Mike Selig, chief counsel at the SEC’s crypto task force, and Tyler Williams, former global head of policy at Galaxy Digital and counselor to Treasury Secretary Scott Bessent.
Quintenz, nominated by Trump in February, appeared before the Senate Agriculture Committee in June and was anticipated to go for a vote by the end of July before the recess; however, the White House asked the committee to postpone consideration for unknown reasons.
Related: CFTC initiative to allow stablecoins as collateral in derivatives markets
Since September 3, following the exit of Commissioner Kristin Johnson, the CFTC has been led solely by acting chair Caroline Pham. Sterling, who notably wrote a Bloomberg Law article in June with Milbank colleague Amanda Olear, cautioned that the absence of commissioners in a major US financial regulator could threaten market stability:
“Leaving a key regulator undermanned risks letting financial markets critical to the US economy fall into neglect. Those markets are crucial to routine commerce, and they have proven time and again […] to be an important shock absorber for financial risk. It makes absolutely no sense to leave their oversight in doubt.”
In a letter dated September 12 to CFTC and Treasury officials, Sterling also criticized the agency under Pham for “abuse, mismanagement, and waste” in defense of a Milbank client.
Are the Winklevosses influencing Trump’s CFTC pick?
Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini, donated $2 million in Bitcoin (BTC) to support Trump during the 2024 campaign. They have since contributed $21 million worth of BTC to a pro-Trump political action committee in August.
Due to their financial backing and public endorsements for the president, the Winklevosses seem to have some sway over crypto policy from the White House. They attended a signing ceremony in July for the president’s stablecoin bill, the GENIUS Act, and were reportedly behind Trump’s effort to delay Quintenz’s Senate vote.
On September 10, Quintenz suggested the Winklevosses were advocating for a different candidate for the CFTC chair. He shared text messages with the brothers via social media, indicating Gemini sought specific assurances about CFTC enforcement actions if Quintenz were confirmed.
Despite a letter to Trump from various cryptocurrency and blockchain associations supporting Quintenz’s confirmation, his potential role at the CFTC remains uncertain. As of Wednesday, the Senate Agriculture Committee calendar showed no hearing scheduled for Quintenz’s nomination as CFTC chair.
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