Crypto Industry Throws Weight Behind Trump’s CFTC Nominee as Political Tensions Escalate
The digital asset sector just placed its biggest political bet yet—backing Trump's controversial CFTC pick in a power move that's rattling traditional finance circles.
Industry Titans Unite
Major exchanges, DeFi protocols, and crypto VCs formed an unprecedented coalition—lobbying harder than a hedge fund manager chasing carried interest. They're betting this nominee will finally deliver regulatory clarity instead of the SEC's enforcement-by-surprise approach that's been chilling innovation.
Washington Pushback Intensifies
Traditional banking lobbyists counter-attacked with vintage D.C. tactics—leaking opposition research and whispering concerns to congressional staffers about 'risky deregulation.' Because nothing protects consumers like maintaining a system where it takes three days to settle a stock trade while crypto settles in seconds.
Regulatory Chess Match
The nomination triggers a jurisdictional showdown between CFTC and SEC—a bureaucratic turf war that's more about budget allocations than investor protection. Meanwhile, crypto builders keep shipping code while regulators argue over which aging framework should govern technology that didn't exist when they graduated law school.
This isn't just about one appointment—it's the financial establishment's last stand against an asset class that keeps proving it doesn't need permission to innovate.
Quintenz Gathers CFTC Bid Support
President Trump’s second term in office has yielded a wave of pro-crypto regulations, but the road has been periodically bumpy. In February, Trump nominated Brian Quintenz to be the CFTC’s next Chair, but his approval process is in limbo.
SEC Chair Paul Atkins also faced delays, yet he began his term months ago.
So, what gives? Reportedly, the Winklevoss twins personally reached out to Trump, requesting that he rescind Quintenz’s CFTC nomination.
However, new reports claimed that Quintenz has been rallying his own industry allies. Today, several crypto trade groups signed a joint letter to President Trump, voicing their support for Quintenz:
“Mr. Quintenz understands digital assets not merely as financial innovations, but as foundational technologies with far-reaching implications for ownership, identity, and value in the digital age. Each of our organizations has had the privilege of knowing and working with Mr. Quintenz firsthand, and we can attest to his DEEP expertise, sound judgment, proven leadership, and integrity,” the letter read.
These organizations praised Quintenz’s role in proactively supporting US crypto policy, claiming that he’d be an ideal candidate for CFTC Chair. The Winklevoss’ opposition stands in sharp contrast to this glowing endorsement. A Core difference in political philosophy may be to blame.
Two Visions of America’s Crypto Future
After the SEC dropped its investigation into Gemini, Cameron Winklevoss issued a hostile public statement, demanding severe consequences for Gary Gensler and other anti-crypto regulators.
This included lifetime bans from federal employment, financial penalties, public ostracism, and more. Such measures WOULD cripple the SEC.
Brian Quintenz, for his part, wants the CFTC to be a stronger institution that can fight on crypto’s behalf. This apparently aligns with the letter-writers’ goals, while the Winklevoss twins might prefer maximally weak regulators. This dispute already played out at the SEC, as pro-crypto Commissioners unsuccessfully petitioned against D.O.G.E. cuts.
The crypto industry has to answer some difficult questions about what political future it wants. Brian Quintenz’s CFTC appointment troubles are just a symptom. Is it better to have a strong friend or a weak enemy? Which strategy will help prevent future anti-crypto momentum?
For now, the regulatory developments continue to favor crypto and drive mainstream adoption. Yet, the CFTC’s changing dynamics might shape how the regulator views digital assets in the long term, even beyond Donald Trump’s administration.
