Trump replaced Brian Quintenz with Michael Selig as the nominee for CFTC chair

President Donald Trump has chosen Michael Selig to head the CFTC, replacing his earlier pick Brian Quintenz, whose nomination collapsed under pressure from Tyler and Cameron Winklevoss, owners of crypto platform Gemini. Selig, who currently serves as chief counsel for the SEC’s crypto task force, has spent recent years working alongside SEC Chairman Paul Atkins, helping the SEC and CFTC stay on the same page when it comes to crypto rules and overlapping financial ￰0￱ landing that job, Selig was a partner at Willkie Farr & Gallagher, where he worked in their asset management ￰1￱ still needs to be confirmed by the Senate, which isn’t likely to act until after the shutdown ￰2￱ Quintenz gets blocked after Winklevoss push Trump’s first nominee, Brian Quintenz, was once a CFTC commissioner and was most recently heading a16z crypto’s global policy ￰3￱ his nomination hit a wall after Tyler personally asked Trump to kill the ￰4￱ after that request, the White House released a public statement in July saying it still supported Brian for the job, despite the growing ￰5￱ long after that statement, the administration asked the Senate Agriculture Committee, which has oversight of the CFTC , to pause the confirmation ￰6￱ tension kept ￰7￱ this month, Brian posted on social media that Trump “might have been misled” by the ￰8￱ even shared screenshots of direct messages between him and Tyler from back in ￰9￱ messages showed that Tyler was pushing to delay the nomination before Brian’s Senate hearing was ￰10￱ became clear that there was deep disagreement, and the administration had to pick someone else before the whole process turned into a ￰11￱ of this is unfolding while the ￰12￱ remains in its third week of a shutdown, triggered by Congress failing to pass funding before the September 30 ￰13￱ shutdown is the second-longest ever and has slashed staffing at the country’s top market ￰14￱ SEC is operating with just 393 people out of 4,289, and the CFTC is running with only 31 out of 543.

Still, both agencies are trying to hit crypto oversight goals by ￰15￱ the delay is already rattling nerves across the ￰16￱ Blockchain Association said the longer this goes on, the worse the uncertainty ￰17￱ warned it could lead to more chaos in the market. meanwhile, the legislation that would clarify what role the CFTC plays in crypto still hangs in limbo; waiting on votes, budgets, and now, a new ￰18￱ you're reading this, you’re already ￰19￱ there with our newsletter .