Quintenz claims they tried to interfere with his confirmation by pressuring him over the CFTC’s enforcement practices. Quintenz said he refused to provide assurances and even suggested the brothers later asked the White House to pause his nomination. The disclosure was made just days before Gemini’s $3 billion IPO, which added scrutiny to the exchange at a critical time. At the same time, the US Senate Banking Committee narrowly advanced Trump pick Stephen Miran for a temporary seat on the Federal Reserve Board of Governors, with Republicans in support and Democrats opposed. His nomination faces concerns over conflicts of interest, while tensions still loom after Trump’s failed attempt to remove Fed governor Lisa Cook.
Winklevoss Clash With CFTC
Brian Quintenz, former CFTC commissioner and President Donald Trump’s nominee to chair the US Commodity Futures Trading Commission (CFTC), publicly released a series of text messages between himself and Gemini co-founders Cameron and Tyler Winklevoss, raising questions about their involvement in his stalled confirmation. In a post on X, Quintenz explained that he disclosed the private messages out of concern that Trump “might have been misled” by the Gemini executives as they lobbied against his nomination.
The text exchanges, dated July 25, show Tyler Winklevoss sending Quintenz details related to Gemini’s long-running civil case with the CFTC, which ended in January with a $5 million settlement. Winklevoss accused the agency of abusing the “deliberative process privilege” and engaging in “lawfare trophy hunting,” which he claimed denied Gemini a fair defense in court.
According to Quintenz, the Winklevoss twins were seeking certain assurances from him regarding how he will handle the CFTC’s enforcement practices if he assumed the chairmanship. Quintenz stated that he refused to make such commitments,and added, “I believe these texts make it clear what they were after from me, and what I refused to promise.” He also claimed that after the conversation, the Gemini co-founders reached out to the White House to request that Trump pause his confirmation process.
The timing of the disclosure is quite interesting. The Senate Agriculture Committee was scheduled to hold a hearing on Quintenz’s nomination in late July, but the White House reportedly requested a delay just before lawmakers left for their month-long recess. Now, as the Senate weighs the next steps, the controversy adds an extra layer of political drama to an already sensitive appointment process.
Compounding the situation is Gemini’s own high-profile milestone. The exchange is set to launch its initial public offering on Friday, with a targeted $3 billion valuation. Quintenz’s disclosure was made less than 48 hours before the IPO, and could spark fresh scrutiny of the company at a very critical moment.
While it is still unclear how much the revelation will affect investor sentiment, the move proves that there is a tense relationship between the crypto exchange and its primary US regulator.
Stephen Miran Moves Closer to Fed Board
Meanwhile, the US Senate Banking Committee narrowly advanced the nomination of Stephen Miran to serve temporarily on the Federal Reserve Board of Governors, setting the stage for a full Senate vote in the coming weeks. The committee voted along party lines, 13 to 11, with Republicans backing Miran and Democrats opposing his nomination.
Miran was nominated by President Donald Trump in December to chair the Council of Economic Advisors, and will be filling the seat that was vacated in August by Fed governor Adriana Kugler. The term is set to expire on Jan. 31.
During a recent hearing, Miran stated that he will not resign from his White House advisory role if his tenure at the Fed were extended, raising concerns among some lawmakers about potential conflicts. While he acknowledged in the past that cryptocurrencies could play an important role in financial innovation, he made few public statements on digital assets or blockchain since joining the Trump administration.
The advancement of his nomination also comes against a backdrop of heightened tensions between the White House and the central bank. Just days earlier, President Trump tried to oust Fed governor Lisa Cook, due to mortgage fraud allegations. Cook refused to step down and filed a legal challenge. A federal judge in Washington, DC, blocked the president’s dismissal order, ruling that Trump had not shown cause for removal. The administration then filed an appeal.
Meanwhile, the Fed is preparing for a major policy conference in October, where officials are expected to discuss a range of issues tied to the future of payments, including stablecoins and tokenization. At press time, it was still uncertain when the Senate would schedule a vote on Miran’s confirmation.
