Brian Quintenz, tapped by President Donald Trump to lead the CFTC, slammed crypto billionaires Tyler and Cameron Winklevoss for trying to sabotage his nomination by going directly to the President after a private exchange didn’t go their way.
On Wednesday night, Brian posted screenshots on X of texts between him and Tyler from late July. Those messages followed a $5 million settlement between the CFTC and Gemini, the crypto firm run by the twins.
Brian said the twins asked him for commitments he refused to make, and that after their failed attempt to sway him, they reached out to Trump in an effort to block his confirmation.
“I’ve never been inclined to release private messages,” Brian wrote. “But in light of my support for the President and belief that he might have been misled, I’ve posted here the messages that include the questions Tyler Winklevoss asked me pertaining to their prior litigation with the CFTC.”
He added that the messages show what Tyler was after and make it clear he didn’t give any promises. “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.”
He went on to say, “Protecting the President and his agenda are more important than any job.”
Tyler Winklevoss sent texts demanding cultural reform at CFTC
The texts show Tyler sent Brian a letter that Gemini had just submitted to the CFTC’s internal watchdog. That letter attacked the agency’s behavior in the Gemini case.
Tyler said the CFTC had pursued them through “7 years of lawfare trophy hunting.” He followed up by asking how Brian intended “to align with President Trump and the Administration’s mandate to end the lawfare and make amends for it.”
Tyler then argued that the agency was unfit to regulate crypto and wrote, “Cultural reform, which includes rectifying what happened to us, should be the highest priority.”
Brian replied that he planned to carry out “a fair and reasonable review of the matter and the division and individuals involved to determine if they acted inappropriately.” But Tyler didn’t seem satisfied, and within days, both brothers reportedly contacted Trump to urge him to reconsider the nomination.
Brian has declined to add anything beyond what he posted. The White House also hasn’t said anything. Still, the fallout has already affected Brian’s confirmation process.
His nomination was supposed to pass easily, with wide support across the crypto and finance space. Even Tyler and Cameron had congratulated him on X earlier this year when Trump made the announcement.
White House delayed Senate vote on nomination after Winklevoss complaint
But after the July messages, things changed. The White House asked the Senate Agriculture Committee to delay the vote to move Brian’s nomination forward. That request put everything on hold.
The committee’s chair, Senator John Boozman of Arkansas, has received no follow-up from the administration about rescheduling the vote, according to his spokesperson Sara Lasure.
This fight lands at a time when Congress is considering new legislation that would expand the CFTC’s authority over crypto. The agency, which traditionally focused on futures contracts for things like corn and oil, now oversees some crypto derivatives.
But a Senate bill could give it direct oversight of tokens like bitcoin and ether, a massive expansion of its power. The legal fight between Gemini and the CFTC goes back to the Biden administration.
The $5 million settlement, finalized in Biden’s last days in office, accused Gemini of misleading the agency about a crypto investment product.
Gemini attorney John Baughman blasted the CFTC in a June letter, saying agency lawyers were “driven by a selfish desire to advance their careers by misusing their offices to obtain a high-profile ‘win’ against Gemini.”
That letter was the one Tyler forwarded to Brian during their private exchange. And that exchange is now at the center of a political mess inside Trump’s administration.
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Source: https://www.cryptopolitan.com/cftc-nominee-fires-back-at-winklevoss-twins/