The White House explores potential nominees for the CFTC role amidst the dispute between Quintenz and Gemini cryptocurrency exchange.
In a surprising turn of events, former CFTC Commissioner Brian Quintenz has published screenshots of private messages with the Winklevoss twins, allegedly showing Tyler Winklevoss urging him to intervene in a Gemini complaint against the CFTC.
The dispute between Gemini and the CFTC can be traced back to a 2022 enforcement action that ended in a $5 million settlement earlier this year. According to the text messages released by Quintenz, Winklevoss appears to have been pressing for signals that a future Chair would address Gemini's concerns.
The controversy has added friction to the already difficult confirmation process for the CFTC chair position. The White House is currently considering two candidates: Michael Selig, chief counsel to the SEC’s Crypto Task Force, and Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital asset policy.
However, the Winklevoss twins have not publicly responded to Quintenz's claims about the CFTC nomination. Quintenz claimed that Winklevoss sought to have his nomination slowed or halted after he declined to give any assurances.
The dispute escalated further after the settlement, with Gemini filing an inspector-general complaint accusing the agency of "lawfare trophy hunting." It's important to note that this controversy surrounding the CFTC and Gemini does not affect the recent news of Polymarket securing a U.S. return with a CFTC greenlight, separate from the dispute between Quintenz and the Winklevoss twins.
As the situation unfolds, it remains to be seen how this controversy will impact the confirmation process for the CFTC chair position and the relationship between the CFTC and the digital asset industry.
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