He faced opposition from major crypto investors.
The White House withdrew Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission late Tuesday, according to two people granted anonymity to discuss the decision ahead of a public announcement.
A small but powerful agency, the CFTC oversees a broad swath of financial markets including those tied to the cryptocurrency industry. In July, crypto billionaires Tyler and Cameron Winklevoss pressed President Donald Trump to reconsider his selection of Quintenz to lead the Wall Street regulator.
“Being nominated to chair the CFTC and going through the confirmation process was the honor of my life,” Quintenz said in a message to POLITICO. “I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration. I look forward to returning to my private sector endeavors during this exciting time for innovation in our country.”
A White House official confirmed that Quintenz’s nomination was withdrawn. “Brian Quintenz remains a trusted ally and the Trump administration looks forward to working with him in other capacities,” the official said. “President Trump has made it a priority to make America the crypto capital of the world, and in doing so has called for the revitalization of the Commodity Futures Trading Commission to play a larger role in securing this promise.”
The official said the White House would be announcing a new nominee “in the near future.”
A spokesperson for Gemini, the Winklevoss’ crypto company, did not immediately respond to a request for comment.
The CFTC chair has historically been an obscure position tasked with overseeing the federal government’s regulation of financial markets tied to commodities like oil, corn and orange juice. But the agency stands to take on newfound importance under Trump: Republican lawmakers, along with a collection of Democrats, are working to hand the CFTC new authority over major crypto tokens like bitcoin and ether.
Quintenz’s withdrawal marks the end of a stunning turn of events for a nominee who once appeared to be a lock for confirmation. The former CFTC commissioner, whose resume includes stops at the venture capital giant Andreessen Horowitz and the prediction market startup Kalshi, had widespread support from both the crypto and traditional financial industries.
Now, in an illustration of the new balance of power in Trump’s Washington, Quintenz is out.
The Winklevoss brothers told Trump during their July call that Quintenz was not aligned with the president’s agenda, POLITICO first reported. Shortly after the call, the White House asked the Senate Ag Committee to delay a scheduled meeting where lawmakers would have likely advanced Quintenz’s nomination to a full-floor vote. (Quintenz has since suggested that the Winklevoss brothers misled Trump about their concerns.)
In the weeks since, the administration has begun exploring potential alternative candidates to lead the CFTC, according to four people familiar with the discussions.
Among those under consideration are Mike Selig, the chief counsel for the Securities and Exchange Commission’s crypto task force; Tyler Williams, who advises Treasury Secretary Scott Bessent on crypto issues; Josh Sterling, a former CFTC official who is now a partner at the law firm Milbank; and former CFTC Commissioner Jill Sommers, said the people, who were granted anonymity to speak freely.
Sterling and Sommers declined to comment, as did an SEC spokesperson on Selig’s behalf. A Treasury spokesperson did not respond to a request for comment.
The opposition to Quintenz’s bid to run the CFTC didn’t end with the Winklevoss brothers. In addition, the traditional gaming industry opposed Quintenz for his ties to Kalshi, an up-and-coming prediction market firm whose entry into sports betting has riled up the industry.
“Good,” Rep. Dina Titus, a Democrat from Nevada whose district includes Las Vegas, posted on X of the news about Quintenz’s nomination being pulled. “The CFTC deserves strong, independent leadership that will follow and enforce agency regulations.”
Since Inauguration Day, the CFTC has been led by acting Chair Caroline Pham. But the Republican is not expected to stick around for the long run: She has announced plans to leave the CFTC upon the confirmation of her successor.
In a statement, Sara Lasure, a spokesperson for the Senate Ag Committee, said the panel’s chair, Sen. John Boozman of Arkansas, “appreciates Mr. Quintenz’s willingness to serve.”
“As Congress crafts legislation to expand the CFTC’s role in regulating digital assets, it’s critical the agency has leadership to oversee this new authority,” she added.