White House Scrambles for New Crypto CFTC Pick After Winklevoss Backlash Shakes Washington

Washington's crypto chess game just got messy—and the pawns are getting expensive.

The Administration's CFTC Gambit

Insiders whisper the Oval Office is racing against the clock. Their first-choice nominee got torched by industry heavyweights—including the Winklevoss twins—who called the pick 'dangerously out of touch.' Now the White House needs someone who understands DeFi protocols better than congressional lunch menus.

Wall Street's Quiet Panic

Traditional finance players are sweating behind their Bloomberg terminals. They watched crypto markets shrug off regulatory uncertainty for years—now they're facing a regulator who might actually get it. Nothing terrifies old money more than competent oversight.

The Compliance Countdown

Exchange lawyers are already prepping for tougher rules. The new commissioner could push for real-time settlement tracking and stricter custody requirements—the kind of changes that make hedge fund managers reach for their antacids.

Washington's revolving door just spat out another banker-turned-regulator. This time, crypto might actually win.

White House Vets New CFTC Chair Picks Amid Crypto Oversight Debate

According to Bloomberg report, the White House is now weighing additional names, including officials with experience in crypto regulation and digital asset policy.

Michael Selig, chief counsel to the Securities and Exchange Commission’s crypto task force and a former partner at Willkie Farr & Gallagher, has been floated as a contender.

Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital assets and a former executive at Galaxy Digital, has also been discussed. Neither has commented publicly on the matter.

BREAKING:White House seeks new crypto-focused candidates for CFTC chair after Quintez’s confirmation stalls.

The search reflects growing urgency as the CFTC prepares for a larger role in digital asset oversight. The agency traditionally regulates derivatives markets, but pending legislation in Congress could expand its authority over spot trading in cryptocurrencies such as bitcoin and Ether.

The CFTC already oversees trillions of dollars in swaps and futures trading, and its influence in crypto policy has grown under outgoing chair Rostin Behnam.

Behnam, who stepped down in January, presided over the agency during some of its most aggressive actions in crypto enforcement, including the $4.3 billion settlement with Binance.

He consistently argued that the CFTC is best positioned to regulate digital commodities and warned that large portions of the crypto market remain unregulated.

His departure left the agency under Acting Chair Caroline Pham, who had signaled she plans to return to the private sector once a permanent leader is confirmed.

The delay over Quintenz’s nomination escalated after reports surfaced that Gemini co-founders Tyler and Cameron Winklevoss privately urged Trump to reconsider his choice. In June, Politico reported the brothers had raised concerns that Quintenz WOULD not fully back the president’s crypto agenda.

Weeks later, the White House requested the Senate Agriculture Committee to pause a scheduled vote. Quintenz later suggested on social media that the president “might have been misled” by the twins, posting screenshots of private exchanges he claimed to have had with Tyler Winklevoss before his hearing was delayed.

I’ve never been inclined to release private messages. But in light of my support for the President and belief that he might have been misled, I’ve posted here the messages that include the questions Tyler Winklevoss asked me pertaining to their prior litigation with the CFTC.

I… pic.twitter.com/MN75M1XUpT

The situation has been complicated by allegations involving Kalshi, a prediction market platform facing scrutiny over its operations, which further fueled calls for caution around Quintenz’s nomination.

Officials close to the process say the White House has not officially withdrawn his name, but the administration is actively vetting alternatives.

With only two sitting commissioners currently on the five-member panel, the CFTC is operating with limited capacity. Industry advocates warn that further delays in filling the chair could hinder progress on crypto regulation, even as demand for oversight grows.

For now, the White House has declined to comment, leaving the future of the CFTC’s leadership uncertain.

CFTC Opens Door to Spot Bitcoin and Ether Trading Despite Leadership Vacuum

As the White House reconsiders its stalled nomination of Brian Quintenz to chair the Commodity Futures Trading Commission, the regulator itself is pressing ahead with a flurry of new crypto initiatives.

In August, Acting Chair Caroline Pham unveiled a plan to permit spot cryptocurrency trading on exchanges already registered with the CFTC.

CFTC plans to allow spot crypto trading on regulated futures exchanges, advancing efforts to implement US digital asset policy.#CFTC #SpotCrypto https://t.co/g0mdpetrnJ

The move, described as the first step in the agency’s “crypto sprint,” would allow Designated Contract Markets that currently trade futures to also list spot products such as Bitcoin and Ether.

The initiative comes as Congress weighs the Financial Innovation and Technology for the 21st Century Act, which could formally expand the CFTC’s authority over digital assets.

To prepare, the agency has upgraded its market surveillance tools, adopting Nasdaq’s monitoring platform to detect manipulation and fraud in both derivatives and crypto markets.

Coordination with the Securities and Exchange Commission is also accelerating. In early September, the two agencies released a joint statement confirming that registered exchanges may facilitate spot crypto trading.

A revised draft of the Responsible Financial Innovation Act further calls for a joint advisory committee on digital assets, with explicit protections for developers and decentralized finance participants.

With the CFTC advancing reforms under temporary leadership, the search for a permanent chair has become more pressing, leaving the White House under pressure to resolve its stalled nomination process.