White House drops Brian Quintenz from CFTC chair consideration

Brian Quintenz, policy lead at a16z, is no longer being considered to lead the Commodity Futures Trading Commission, according to reporting from Politico .

Quintenz, whose nomination process has been thrown into disarray, was tapped to lead the agency earlier this year. One of those roadblocks had stemmed from  Gemini's Tyler and Cameron Winklevoss over concerns about conflicts of interest. A source familiar told The Block that part of the concern also was around a16z's lobbying efforts and said that Quintenz was out.

Quintenz was a commissioner at the CFTC during Trump's first administration, and at the time, many in the crypto industry cheered that move. The CFTC will be instrumental in how crypto is regulated. Lawmakers in Washington are currently working on legislation that would give the agency broader authority over the industry.

"Being nominated to chair the CFTC and going through the confirmation process was the honor of my life," Quintenz told The Block in a statement. "I am grateful to the President for that opportunity and to the Senate Agriculture Committee for its consideration. I am looking forward to returning to my private sector endeavors during this exciting time for innovation in our country."

Quintenz's nomination vote in the Senate Agriculture Committee earlier this summer wavered as votes to move forward with his nomination had been canceled twice. After the second vote's cancellation, a Senate Agriculture Committee spokesperson said that it was due to a request from the White House.

The White House did not respond to a request for comment from The Block.

The top contender for the role is Mike Selig, who is currently chief counsel to the Securities and Exchange Commission's crypto task force and senior advisor to the chair, the source familiar said. Law firm Milbank LLP partner Josh Sterling, Baker & Hostetler LLP Counsel Isabelle Corbette Sterling, and former CFTC Commissioner Jill Sommers are also being considered, the source said.