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Trump’s CFTC pick Quintenz discloses crypto links, .4M assets

US President Donald Trump’s pick to chair the Commodity Futures Trading Commission has disclosed millions of dollars worth of assets, along with his various ties to crypto-related organizations.

In paperwork released by the US Office of Government Ethics on May 25, Brian Quintenz disclosed his key positions in crypto and market firms that would directly relate to the CFTC’s regulatory priorities and disclosed assets worth at least $3.4 million, according to a May 27 Bloomberg report. 

Quintenz was a CFTC commissioner from 2017 to 2021 and is currently the global head of crypto policy at Andreessen Horowitz, a position he said he will step down from if the Senate confirms him as CFTC chair. 

He holds an interest in three AH Capital Management investment funds, CNK Fund III, CNK Seed 1 Fund, and CNK IV Fund, plus capital commitments to related general partners. 

He is also a board member of the prediction markets platform Kalshi and owns stock and unvested stock options in the firm, along with stock and vested stock options in the finance and lending brokerage Next Level Derivatives.

His portfolio intersects directly with two major CFTC policy areas, crypto asset regulation and prediction markets. Kalashi settled a major legal battle with the CFTC over election betting earlier this month. 

Quintenz outlined the steps he will take to avoid conflicts of interest if confirmed as CFTC chairman in an agreement letter to John Einstman, the CFTC’s Designated Agency Ethics Official, dated May 21. 

“I will not participate personally and substantially in any particular matter in which I know that I have a financial interest directly and predictably affected by the matter,” he stated. 

Trump’s CFTC pick Quintenz discloses crypto links, $3.4M assets
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An excerpt of Brian Quintenz’s letter. Source: US Office of Government Ethics

He added that he will resign from all positions and divest conflicting assets within 90 days of confirmation. This includes recusing himself from a16z-related matters for two years, recusing from Kalashi matters for one year, and forfeiting unvested stock options at multiple companies. 

Related: Crypto perp futures coming ‘very soon,’ says CFTC’s Mersinger

Quintenz also said he would comply with standard conflict of interest laws and obtain ethics briefings, but will retain unpaid trustee positions for two family trusts. 

Trump nominated Quintenz to head the financial regulator in February and is currently awaiting Senate confirmation. 

CFTC commissioner exodus continues

The CFTC has seen an exodus of commissioners recently amid concern over the Trump administration’s crypto embrace, with potentially all four remaining positions being up for grabs this year.

On May 21, Democrat Commissioner Kristin Johnson announced that she plans to depart the agency later this year.

Meanwhile, Commissioners Summer Mersinger and Christy Goldsmith Romero previously said they would respectively step down on May 30 and May 31.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest

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New home secretary to host talks on people smuggling as small-boat crossings hits 30,000

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New home secretary to host talks on people smuggling as small-boat crossings hits 30,000

The new home secretary will host talks on how to stop people smuggling in her first major engagement in the role.

Shabana Mahmood will host the so-called Five Eyes security alliance, holding talks between counterparts from the US, Australia, Canada and New Zealand.

The security alliance discussion comes after an estimated 1,000 people arrived by small boat in Britain over the course of a single day, with French authorities saying 24 people were rescued while trying to cross the English Channel.

Ms Mahmood said the numbers, which take the yearly total to more than 30,000 in record time, were “utterly unacceptable” and that she expected migrant returns under a deal agreed last month with France to begin “imminently”.

She was promoted into the role Friday during a dramatic reshuffle of Keir Starmer’s top team, which followed in the wake of Angela Rayner’s resignation over her tax affairs.

Politics latest: ‘One of the worst PMs in history’

Sir Keir will now be hoping to draw a line under the fallout of his former deputy’s departure, as well as a summer dominated by criticism of his government’s handling of the small boats crisis.

Ms Mahmood said the Five Eyes intelligence sharing pact would “agree new measures to protect our border”. The group will also discuss new measures to tackle child sexual abuse online, as well as the spread of deadly synthetic opioids, the Home Office said.

Ms Mahmood said: “Rebuilding our reputation on the world stage is how we tackle serious organised crime and secure our borders.”

Read more from Sky News:
Military sites could house migrants
Rayner’s rise to deputy PM

“The Five Eyes might be drawn from different corners of the globe, but we are united by our alliance,” she added.

“As the security threats we all face become more complex and span continents, we are stronger and safer together.”

She will be joined at the talks by US secretary of homeland security Kristi Noem, Canadian public safety minister Gary Anandasangaree, Australian home affairs minister Tony Burke and New Zealand minister Judith Collins.

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What PM’s reshuffle reveals about his priorities

The Prime Minister has told his new ministers to “go up a gear” in delivering on Labour’s agenda, part of which now involves a toughened immigration policy as he faces pressure in the polls from Nigel Farage’s Reform UK.

In Ms Mahmood’s first full day in the job, she met the head of Scotland Yard to receive a briefing on the policing operation in response to protests in London.

“Supporting Palestine and supporting a proscribed terrorist group are not the same thing,” she said.

“An honour to visit Sir Mark (Rowley) and the Metropolitan Police to see them at work policing protests yesterday.”

Almost 900 people were arrested in central London at a protest against the banning of Palestine Action.

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Labour ‘failing to deliver change that people voted for’ – TUC chief

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Labour 'failing to deliver change that people voted for' - TUC chief

The leader of Britain’s trade unions is to accuse Sir Keir Starmer of failing to deliver the change Labour promised during the election campaign last year.

In his keynote speech at the TUC conference in Brighton, general secretary Paul Nowak will claim that for too many people change still feels like a slogan, not a reality.

After a troubled first year in government that has seen Labour lose support to Reform UK, Mr Nowak will warn the lack of change cannot continue and the government must deliver on jobs, public services and living standards.

And he will claim Rachel Reeves’ budget on 26 November must include windfall taxes on bank profits and gambling companies, a wealth tax on millionaires and the lifting of the two-child benefit cap introduced by George Osborne during the coalition government.

Mr Nowak’s speech comes just days after the unions lost their champion in cabinet, Angela Rayner, prompting fears among delegates in Brighton that the government is poised to weaken its flagship legislation on workers’ rights.

Paul Nowak. File pic: PA
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Paul Nowak. File pic: PA


The Conservatives have responded to Ms Rayner’s demise by writing to the new business and trade secretary, Peter Kyle, calling on him to scrap the Employment Rights Bill, claiming it will reduce jobs and mean more red tape and bureaucracy.

But Labour is losing support to Nigel Farage’s party, not the Tories, and will also – potentially – to left-wing parties in future. And in an unusual move, the new left-wing leader of the Green Party, Zack Polanski, will also address the TUC later.

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Unite boss warns Labour’s key backer may end support

Unions demand no retreat on workers’ rights after Rayner quits
Without Angela Rayner ‘there will be no holding back’ Labour’s left wing

Labour’s election manifesto last year showed a black and white photo of a shirt-sleeved Sir Keir on the front cover with the single word “Change” in red.

In his attack on the government’s first year in office, Mr Nowak will say: “The Tories took Britain to the brink. That’s why last July, the government was elected on a manifesto that promised change.

“But we have to be honest – for too many people, change still feels like a slogan not a lived reality.

“This can’t continue. Throughout our history, we’ve been at our best when we’ve been ambitious for working people.

“So today, my message to the government is simply this.

“Deliver the manifesto on which you won a huge majority last July. Deliver good jobs, decent public services and better living standards in every corner of the country. Deliver the change people voted for.

“And show working-class communities whose side you are on.”

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Could Rayner come back?

On the budget, which Labour MPs believe will be crucial to the government’s hopes of recovery in its fortunes, Mr Nowak will declare: “Introduce a windfall tax on record bank profits and gambling companies. And back it with new taxes on wealth.

“If billionaires can afford fleets of private yachts. Day trips into space. Weddings that shut down Venice – they can pay a bit more tax.

“Do what’s best for those who go out to work, day in, day out, and still can’t get by. Deliver the Employment Rights Bill and deliver it in full.

“And make it clear – a Labour government will never stand aside and watch a child’s potential be wasted because of poverty. Lift the two-child cap, and give our kids the future they deserve.”

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TUC to govt: ‘Deliver on workers’ rights’

And on the issue set to dominate this week’s conference, workers’ rights, Mr Nowak will say: “The government has a manifesto promise to make work pay.

“Stronger rights at work are overwhelmingly popular with voters across the political spectrum.

“The public knows decent work is the best way to deliver the reset this country needs.

“The best way to improve living standards.

“And the best way to rebuild our communities hit hard by low pay and insecure work.

“So here is our challenge to government.

“Deliver that Employment Rights Bill in full and deliver the change you promised at the election.”

But the Tories’ shadow business secretary Andrew Griffith, in a letter to Mr Kyle, claims the bill will be deeply damaging to economic growth and reduce living standards.

“Rather than proceed at this time with a measure which on the government’s own impact assessment will reduce employment and growth, now is the time to put the national interest first,” he wrote.

“Any credible ‘reset’ of this government requires that this bill be shelved and the government look afresh at measures to promote the growth and competitiveness of the UK economy.”

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El Salvador celebrates Bitcoin anniversary amid mixed results 4 years on

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El Salvador celebrates Bitcoin anniversary amid mixed results 4 years on

El Salvador celebrates Bitcoin anniversary amid mixed results 4 years on

El Salvador was the first country to make Bitcoin legal tender, but it has since scaled back its Bitcoin laws and public sector involvement.

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