The White House is considering new candidates for the leadership of the Commodity Futures Trading Commission (CFTC) as Brian Quintenz’s confirmation process remains delayed. Currently, the CFTC is operating with only one commissioner, Caroline Pham, acting as chair, despite the legal requirement for five commissioners. Pham has indicated her intention to step down once a permanent chair is confirmed.
Quintenz, nominated in February, has faced repeated delays in his confirmation process. A Senate Agriculture Committee vote, crucial for his confirmation, was unexpectedly halted by the administration. This delay comes as Congress and the administration face pressure to enhance regulations for digital assets.
Quintenz has pledged to cut ties with Kalshi, a prediction-market platform where he serves on the board, in an ethics filing. He promised to resign and divest from Kalshi within 90 days of his confirmation. However, Congresswoman Dina Titus has called for an investigation into potential ethical violations due to his ties with Kalshi.
His nomination has also met opposition from the crypto industry, including criticism from Gemini co-founders Tyler and Cameron Winklevoss. The administration is reportedly considering replacements with strong cryptocurrency regulation backgrounds, including Michael Selig and Tyler Williams.
Despite internal discussions, the White House has not publicly commented on the matter, leaving the future of CFTC leadership uncertain. Meanwhile, the CFTC and the SEC are set to hold a joint roundtable to address concerns over derivatives markets and prediction markets.
