President Trump’s pick for Chairman of the Commodity Futures Trading Commission (CFTC) has accused the founders of crypto exchange Gemini of interfering with his confirmation process following a key conversation from two months ago.
CFTC Nominee Shares Texts With Gemini Founders
On Wednesday, CFTC Chairman nominee Brian Quintenz shared private messages with Tyler and Cameron Winklevoss, suggesting that the crypto exchange co-founders contacted the US President to pause his confirmation hearing back in July.
In the X post, Quintenz stated, “I’ve never been inclined to release private messages. 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.”
The text messages, dated July 24 and 25, showed that the Gemini co-founder asked Quintenz’s opinion on the crypto exchange’s 13-page complaint letter to the CFTC’s Inspector General, Christopher Skinner, raising multiple concerns and complaints about the agency’s Division of Enforcement (DOE) conduct against the crypto exchange over the years.
The letter accused the DOE staff of waging a “trophy-hunting lawfare” campaign based on “fabricated” statements and unfairly weaponizing the Commodity Exchange Act (CEA) against the crypto exchange for seven years.
In 2022, the CFTC sued Gemini, claiming that the exchange issued “false and misleading statements” regarding its actions to prevent market manipulation in Bitcoin (BTC) prices in 2017. However, Gemini Trust agreed to pay $5 million to the CFTC to resolve the allegations in January 2025.
Trump’s chair pick committed to “having a fair and reasonable review of the matter and the division and individuals involved to determine if they acted inappropriately,” but asserted that “the implications of and solutions to this, however, should be unequivocally left to a fully confirmed chair.”
According to the message thread, Winklevoss was ultimately “disappointed and surprised” with Quintenz’s response, noting that “Cultural reform, which includes rectifying what happened to us, should be the highest priority.”
Crypto Feud Halts Quintenz’s Confirmation
The CFTC nominee affirmed that “these texts make it clear what they were after from me, and what I refused to promise,” adding, “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.”
As reported by Bitcoinist, the regulatory agency has been in a leadership limbo after the US Senate Agriculture Committee delayed the vote on President Trump’s nominee for CFTC chairman days before the August recess.
The committee reportedly had delayed the vote following a request from the White House. According to multiple reports, Tyler and Cameron Winklevoss had allegedly pressed President Trump in July to reconsider his CFTC nominee, claiming that Quintenz wouldn’t “shake up the CFTC enough” and was not “aligned with Trump’s agenda.”
Anonymous sources claim that there has been regulatory chaos at the Commission “as the agency’s responsibilities, and the potential market risks, are multiplying,” Bloomberg wrote last month.
With the commissioner’s shortage and Quintenz confirmation still pending, it has allegedly been difficult to carry out critical agency business. However, a White House spokesperson denied the claims that the agency was in disarray.
In August, a group of crypto organizations sent a letter to the US President in support of Quintenz, emphasizing that installing a permanent chairman is “absolutely critical” to achieve the Commission’s goals.
“Mr. Quintenz possesses a singular capacity to advance sound and clear regulation that will foster responsible growth and innovation,” the letter said, “He is, quite simply, the right person at the right time to lead the CFTC.”
President Trump’s chair nominee asserted on X that “protecting the President and his agenda are more important than any job,” concluding that “transparency and integrity are paramount” to achieve this.
