On 30 September 2025, the White House pulled Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission after a public clash with Tyler and Cameron Winklevoss. The move left the agency without a permanent head and clouded the outlook for crypto-asset and derivatives rules affecting exchanges, derivatives dealers, and firms that hedge with BTC spot or derivatives.
The dispute sharpened when the Winklevoss brothers, co-founders of Gemini, lobbied against Quintenz, citing disagreements over developer protections and noting his former board seat at prediction market operator Kalshi. Quintenz responded by releasing private texts with Tyler Winklevoss, intensifying the public rift.
The texts demanded “cultural reform” in the CFTC’s treatment of Gemini and referenced a 2022 lawsuit that ended with a $5 million payment. The release highlighted divisions among industry stakeholders and lawmakers over the agency’s future path, underscoring the policy uncertainty now facing the commission.
Withdrawal of nomination and conflict with the Winklevoss twins
With the nomination withdrawn, acting Commissioner Caroline D. Pham now leads the CFTC. Commissioner Summer Mersinger plans to leave for the Blockchain Association, and Commissioner Christy Goldsmith Romero may also resign. The combined exits threaten day-to-day continuity at a time when market supervision is in flux.
No confirmed chair means decisions on crypto-linked derivatives oversight and inter-agency coordination will wait. Traders and liquidity providers face greater uncertainty, according to summary of sources. The open clash between a regulator seen as crypto-friendly and industry leaders signals that future appointments could tilt toward sector pressure, especially as executives move into lobbying roles, as Mersinger’s shift suggests.
For derivatives markets, a prolonged leadership gap could leave hedging rules, prediction market supervision, and enforcement priorities undefined. Open interest and implied volatility may swing if rules change without warning, amplifying risk for market participants until policy direction stabilizes.
The CFTC remains leaderless. The next step is the naming of a new nominee and the handoff among commissioners. Until then, the absence of a permanent chair will keep digital asset regulation and derivatives-market signals in doubt.
