Trump's CFTC Nominee Caught in Crypto Clash with Winklevoss Twins
Trump's nominee for CFTC Chair, Quintenz, faces pressure from Winklevoss twins over a 2022 case involving their Gemini exchange. Currently, the CFTC has only one confirmed commissioner, Caroline Pham, who has taken independent actions that leave the agency vulnerable. Quintenz indicated that the twins contacted the President to pause his confirmation after he refused to take a stance on the case. Critics argue that the CFTC needs to be more aggressive in regulating the crypto market.
Meanwhile, instead of the normal five commissioners, the CFTC currently has just one confirmed commissioner, Republican acting chair Caroline Pham. Pham has taken action to independently fire and reassign enforcement employees, leaving the agency in a vulnerable position.
"To prevent excess speculation, the CFTC has to be an aggressive cop on the commodity beat," said Better Markets' Dennis Kelleher. "There's nobody today that's fearing the CFTC."
Quintenz Faces Pressure from Winklevoss Twins Over 2022 Gemini Case
Quintenz has suggested that his confirmation as CFTC Chair is facing pressure from the Winklevoss twins, who own the Gemini cryptocurrency exchange. Back in 2022, the CFTC accused Gemini of making misrepresentations to regulators. The case was settled for $5 million, although the twins have continued to criticize the agency's handling of the dispute.
Earlier this month, Quintenz posted a conversation between himself and the Winklevoss twins regarding the case in an X post. In the messages, Quintenz refused to take a position on the case, saying that only a fully confirmed chair should decide how to proceed.
"It's my understanding that after this exchange they contacted the President and asked that my confirmation be paused," Quintenz said in the post.
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