The White House is pulling the nomination of Brian Quintenz, whom President Donald Trump nominated as a board member and chairman of the Commodity Futures Trading Commission.
A White House official confirmed the news to the Washington Examiner.
The CFTC handles the U.S. derivatives markets, including option trading, and aims to promote their “integrity, resilience, and vibrancy” through “sound regulation.”
Politico reported that Quintenz, who ran the CFTC during Trump’s first term and partly into former President Joe Biden’s term, won’t be commissioner again because of opposition from crypto investors.
“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.”
The outlet also reported in July that the Winklevoss brothers, of Facebook fame, pressed Trump to rescind Quintenz’s nomination. They wanted Trump to remove him as his nominee because they were concerned he wouldn’t “shake up the agency enough” and were concerned he wasn’t aligned with Trump’s agenda.
The White House denied the report then, saying Quintenz would remain as his nominee and they would “look forward to his swift confirmation.”
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However, Quintenz was never put to a confirmation vote despite a hearing in June in front of the Senate Committee on Agriculture, Nutrition, and Forestry.
Republican Commissioner Caroline Pham is the agency’s acting head, and it is unclear at this time who Trump will nominate in his place.
