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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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House Republicans to probe Gary Gensler’s deleted texts

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House Republicans to probe Gary Gensler’s deleted texts

House Republicans to probe Gary Gensler’s deleted texts

A group of House Republicans said they’re engaging with the SEC’s Office of Inspector General to find out more about former SEC Chair Gary Gensler’s deleted text messages.

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SEC staff open to advisers using trust companies as crypto custodians

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SEC staff open to advisers using trust companies as crypto custodians

SEC staff open to advisers using trust companies as crypto custodians

The SEC’s Division of Investment Management said it wouldn’t recommend that the agency take action against advisers who use a state trust company as a crypto custodian.

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Sir Keir Starmer says he will take ‘no more lectures’ from Nigel Farage – and warns of ‘fight for the soul of our country’

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Sir Keir Starmer says he will take 'no more lectures' from Nigel Farage - and warns of 'fight for the soul of our country'

Sir Keir Starmer has said he will take “no more lectures” from Nigel Farage, as he warned that the next four years will be “a fight for the soul of our country” against Reform UK.

In a speech setting out his vision of “national renewal” for Britain, the prime minister hit out at “snake oil merchants on the right, on the left”, and questioned whether Mr Farage and his party “genuinely love our country”.

Sir Keir also asked for “patience” as he implements the “change” he has promised, which comes after a challenging first 14 months in power, with Reform UK continuing to top the opinion polls, and dissent within his own party in the form of a series of interviews by Greater Manchester mayor Andy Burnham criticising the direction of the government.

In an hour-long speech at the Labour Party conference, the prime minister declared that the UK is at “a fork in the road”, saying: “We can choose decency, or we can choose division; renewal or decline; a country proud of its values, in control of its future, or one that succumbs against the grain of our history to the politics of grievance. It is a test, a fight for the soul of our country.”

Sir Keir argued the “path of renewal” he wants to set the country on is “long”, and “requires decisions that are not cost-free or easy, decisions that will not always be comfortable for our party”. But the reward, he said, is “a new country, a fairer country, a land of dignity and respect”.

Analysis: Speech a success for PM – but biggest issue in UK politics ignored

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How did the PM perform at conference?

He hit out at politicians who “tell you there’s a quick fix, a miracle cure, tax cuts that magically pay for themselves, a wealth tax that somehow solves every problem”.

“We can all see these snake oil merchants on the right, on the left, but be in no doubt, none of them have any interest in national renewal because decline is good for their business,” the prime minister said.

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‘That’s not pride, that’s racism’

Starmer calls on party to ‘fight Reform’

In a lengthy attack directly on Reform UK, Sir Keir said: “Think about it, when was the last time that you heard Nigel Farage say anything positive about Britain’s future? He can’t. He doesn’t like Britain, doesn’t believe in Britain, wants you to doubt it just as much as he does. So he resorts to grievance.”

He continued: “The question I ask seriously of Nigel Farage and Reform is, do they love our country? Do they want to serve our country? All of it – our beautiful, tolerant, diverse country, every region, nation and city? Or do they just want to stir the pot of division?”

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YouGov: Farage set to be next PM

He issued a rallying cry to the Labour Party to “fight Reform with everything that this movement has”.

He went on: “If you are a patriot, whether you vote Labour or not, if you want to stand against grievance and renew Britain, then this is your fight too. Because even in a world this dangerous, I do think the politics of grievance is the biggest threat we face because it attacks who we are.”

The prime minister added that he will “fight with every breath I have, fight for working people, fight for the tolerant, decent, respectful Britain that I know”.

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Cabinet reacts to Starmer speech

Starmer is ‘unfit to be PM’

In response, Mr Farage said in a video message online: “I used to think the prime minister was a decent man, somebody that I could talk to and chat to. We might disagree on worldview, but I thought he was a profoundly decent human being.

“I am completely shocked at his behaviour. I hope when he wakes up tomorrow morning, he feels ashamed of what he has done.

“This is a desperate last throw of the dice for the prime minister, who’s in deep trouble. A prime minister who can’t even command the support of half of his own party. But I’m sorry to say, I now believe he is unfit to be the prime minister of our country.”

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Farage hits back at Starmer

The Conservative Party barely got a mention in the hour-long speech, underscoring where Sir Keir believes the battle lines will be drawn at the next general election, expected in 2029.

But speaking to broadcasters afterwards, party leader Kemi Badenoch said: “I just thought it was really extraordinary that Keir Starmer could not explain how he was going to improve the economy.”

She described the fight between Sir Keir and Mr Farage as “two boys squabbling in the playground”, and said she wants to focus on how “the people in government can make life better”.

Read more:
Farage on course to be next PM, mega poll projects
Almost two in three Labour members back Burnham over Starmer
Streeting says Labour ‘need Angela Rayner back’

PM sets out the ‘purpose’ of his government

As he declared Reform UK “the enemy of national renewal”, Sir Keir set out his vision of the future of the country, saying: “At the end of this hard road, there will be a new country, a fairer country, a land of dignity and respect. Everyone seen. Everyone valued.

“Wealth creation in every single community. Working people in control of their public services. The mindless bureaucracy that chokes enterprise removed, so we can build and keep building. Clean British energy powering our homes. Technology harnessed to drive us forward. Our flags flying proudly as we celebrate difference and oppose racism.”

He acknowledged that the public is “losing faith”, and people are feeling “ground down”, saying: “Politics has made them question Britain. And could you blame them? They’ve been nothing but patient.”

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Was that a campaign speech?

The prime minister said Britain is not “broken” – something he has previously argued himself – but said that his solution to the problems Britain faces is an economy working “from the grassroots”, secure borders and controlled migration, and public and private investment in everything from education to infrastructure.

“Every decision” the government has made in the past 14 months has been about “changing the way we create wealth, reforming public services, giving people more control over our future”, he argued.

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The prime minister announced “NHS Online”, which will allow patients to access prescriptions, book scans and tests, receive clinical advice, and manage appointments through the NHS app.

And he also announced he is scrapping the Blair-era target of 50% of all young people going to university, in favour of two-thirds going to either universities or “gold-standard apprenticeships”.

Concluding his speech, the prime minister said: “People say that a nation like ours can’t be a community – that it is too diverse, too divided. I reject that. That goes against everything I stand for, everything I’ve served, everything I understand about this great country that I love.

“So no matter how many times people tell me it can’t be done, I believe Britain can come together, that we can pursue a shared destination, that we can unite around the common good. That is my ambition.

“The purpose of this government – end decline, reform our public services, grow our economy from the grassroots and with resolve, with respect, with a flag in our hands, we will renew this country until we can say with total conviction that Britain is built for all.”

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