Trump Considering Fresh Nominees for CFTC Head Position as Quintenz's Progress Delays
The Trump administration is currently exploring new candidates for the position of Chair at the Commodity Futures Trading Commission (CFTC), following a delay in the confirmation of Brian Quintenz.
The delay in Quintenz's confirmation was caused by opposition from Tyler Winklevoss, co-founder of Gemini, who has reportedly been leveraging political influence to shape Washington policy according to The Wall Street Journal. Winklevoss's opposition to Quintenz's nomination led the White House to pause the confirmation process.
Two potential candidates for the CFTC chair position are Michael Selig, the chief counsel for the Securities and Exchange Commission's (SEC) Crypto Task Force, and Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital asset policy.
The CFTC, under the Trump administration, has shown a more favorable stance towards crypto, initiating a "crypto sprint" and allowing offshore exchanges to serve U.S. citizens. In August, the CFTC launched an initiative to facilitate trading of spot crypto asset contracts on registered futures exchanges.
Under pending legislation, the CFTC is expected to gain broader authority over the crypto market as lawmakers address the growing sector. The CFTC, currently understaffed, has only acting chair Caroline Pham remaining after recent resignations.
Brian Quintenz suggested that the Winklevoss twins may have misled President Trump regarding the CFTC chair nomination. Tyler Winklevoss, however, asked President Trump to halt the confirmation process for Quintenz's nomination for the CFTC chair.
The Winklevoss twins have provided significant financial support for Trump's campaign. Recently, Tyler Winklevoss expressed frustration over the Biden administration's actions against his company.
A new chair with a pro-crypto stance could accelerate the initiatives taken by the CFTC under the Trump administration. The future of the CFTC chair position remains uncertain, but the exploration of new candidates indicates a continued interest in crypto regulation.
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