Brian Quintenz says Cameron and Tyler Winklevoss sought assurances on enforcement actions before Gemini’s $3 billion public offering.
Private texts raise questions about regulatory pressure
Brian Quintenz, U.S. President Donald Trump’s nominee to chair the Commodity Futures Trading Commission (CFTC), has released a set of private text messages with Gemini co-founders Cameron and Tyler Winklevoss. The move came just hours before Gemini’s initial public offering, raising fresh concerns about the relationship between regulators and crypto firms.
In the exchange, Tyler Winklevoss referenced Gemini’s civil case with the CFTC, which was settled in January with a $5 million fine. “The CFTC totally abused the deliberative process privilege amongst many other abuses to prevent us from even being able to defend ourselves fairly in court,” Winklevoss texted on July 25.
Quintenz rejects assurances sought by Gemini founders
Quintenz said the messages showed the brothers were looking for assurances regarding future enforcement actions, which he refused to provide.
“I believe these texts make it clear what they were after from me, and what I refused to promise,” Quintenz stated. “It’s my understanding that after this exchange they contacted the President and asked that my confirmation be paused for reasons other than what is reflected in these texts.”
He further characterized Gemini’s concerns as part of a broader complaint about what the brothers called the CFTC’s ‘lawfare trophy hunting.’
Timing coincides with IPO plans
The texts were released less than 48 hours before Gemini’s IPO, where the crypto exchange is targeting a $3 billion valuation. Analysts say the disclosure could influence investor sentiment, given the firm’s ongoing regulatory challenges.
The Senate Agriculture Committee had been expected to question Quintenz in July, but the hearing was delayed after the White House intervened. The nomination remains pending as political and regulatory pressures continue to mount.
For now, the release underscores how tensions between crypto firms and U.S. regulators are increasingly shaping both policy debates and market dynamics.
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