Trump Quietly Pulls CFTC Nominee After Billionaire’s Text

Despite his claims of total independence, President Trump’s handling of crypto regulation has once again exposed how deep-pocketed industry patrons can reshape the political chessboard.

Behind closed doors, it wasn’t policy debates or Senate hearings—but a single message from Tyler Winklevoss—that derailed Brian Quintenz’s rise to the CFTC’s top job, leaving U.S. crypto oversight in limbo.

In February, Trump nominated Quintenz, a former CFTC commissioner, to lead the agency overseeing U.S. crypto markets. After a smooth Senate appearance in June, his confirmation seemed inevitable.

But in late July, a text from the Winklevoss twins changed everything. The saga began when Tyler Winklevoss asked Quintenz for assurances that, once confirmed, he would intervene in Gemini’s ongoing dispute with the CFTC.

The brothers also sought a pledge that Quintenz would back Trump’s mandate to end “lawfare”—the aggressive legal battles Gemini had faced. Quintenz refused, saying he could only act once officially confirmed. Within days, the twins appealed directly to Trump. Soon after, the White House quietly asked the Senate to suspend the nomination—underscoring how easily financial power can cut through Washington’s public theater.

Winklevoss Brothers’ Winning Bet on Trump

The Winklevoss brothers’ ties to Trump go far beyond standard donor politics. In August, they contributed $21 million in Bitcoin to a pro-Trump super PAC—funding that helped fuel his 2024 presidential victory.

Their push to influence crypto regulation has accelerated since Gemini paid a $5 million CFTC settlement in January 2025. Since then, the twins have carefully courted allies in high places, with this episode proving just how closely they monitor who wields regulatory power.

Under pressure, Quintenz went public, releasing the text exchange.

“I never had the inclination to publish private messages. But in light of my support for the president and my belief that he may have been misled, I have posted the messages including the question Tyler Winklevoss asked me about their prior dispute with the CFTC.”

The episode makes one thing clear: for all the talk of presidential resolve, big money and insider access still dictate the terms in Washington.

A Weakened CFTC Raises Alarm

Since September 3, the CFTC has been operating with only one acting commissioner, Caroline Pham—a dangerous setup for the world’s largest financial markets.

Even Josh Sterling, considered a contender for the chairmanship, has warned that an “understaffed” regulator jeopardizes U.S. economic stability.

Without stable leadership, the CFTC’s ability to stabilize markets and guide crypto innovation is crumbling. Meanwhile, Europe and Asia push ahead with comprehensive digital asset frameworks—leaving the U.S. vulnerable to losing ground in the race for crypto leadership.

With Quintenz out, only three contenders remain for the chairmanship: Sterling, Selig, and Williams.

America’s Crypto Dream: Auctioned Off

Trump’s withdrawal of his own nominee—triggered by a billionaire’s text and millions in Bitcoin—demonstrates how U.S. crypto regulation is hostage to influence, not merit.

For all the rhetoric about protecting innovation, policy still boils down to who can buy access, steer appointments, and bend the rules at will.

Until regulators and politicians prove they serve the public instead of the powerful, every billionaire’s donation and private message will overshadow the future of digital assets.