Crypto Industry Frets That Delay in Quintenz Vote May Imperil the Clarity Act

Covering this story brought me deep into the swirl of Washington deal-making, where gossip isn’t just background noise — it can alter the future of trillion-dollar industries. The delay in the Quintenz vote sat at the intersection of regulatory turf wars, Senate bargaining power, and pressure from powerful players like the Winklevoss twins. For me as a reporter, the biggest challenge wasn’t in getting people to talk — industry voices were eager to emphasize the risks — but in parsing which political maneuvering was genuine leverage, and which was simple stall tactics.

What stood out most was the sense of urgency across the crypto industry. Sources I spoke to weren’t just concerned about who chairs the CFTC, but whether the Clarity Act could even function if leadership at the agency remains vacant. It underscored how much the success or failure of regulatory clarity — something the industry has long demanded — hangs not just on the text of legislation, but on whether Washington can get its own house in order.

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Crypto Industry Frets That Delay in Quintenz Vote May Imperil the Clarity Act

A leadership vacuum at the CFTC threatens to stall the Clarity Act, with Trump’s hold on Quintenz’s nomination drawing industry anxiety.

President Donald Trump’s chosen pick to lead the Commodity Futures Trading Commission (CFTC), Brian Quintenz, remains in limbo largely due to a direct request from Cameron and Tyler Winklevoss, the billionaire founders of the Gemini crypto exchange. 

Palace intrigue is dominating Washington, D.C., as to the future of Quintenz’s nomination, but the crypto industry has bigger stakes at hand than just who runs the agency. This uncertainty is coming at a time when Congress is negotiating the long-awaited Clarity Act, a critical piece of market structure legislation for the crypto sector. 

Industry leaders reached by Unchained say the holdup in Quintenz’s confirmation could stall, or even jeopardize, progress on the Clarity Act, which is set to make the CFTC the primary regulator for digital assets. 

Even if it passes, it risks placing oversight of a now $4 trillion industry in the hands of an agency with a single commissioner (instead of the expected five), which would make it incredibly challenging to implement a market structure bill at the CFTC. 

“How does a market structure bill work if the vast preponderance of crypto lands in the jurisdiction of the CFTC…but there’s nobody home?” said Chris Perkins, president of CoinFund. 

Why a Well-Staffed CFTC Is Needed for the Clarity Act 

The Clarity Act of 2025, which passed the House with strong bipartisan support in July, is designed to resolve the persistent regulatory turf battle between the SEC and CFTC. This legislation assigns the CFTC responsibility for regulating spot markets for non-security digital asset commodities like bitcoin, ether, and stablecoins, ushering in a new level of legal certainty for crypto markets.

Senate negotiations are underway, as both the Agriculture and Banking Committees try to meet a September deadline set by White House AI and Crypto Czar David Sacks, along with Senators Tim Scott (R-SC) and Cynthia Lummis (R-WY). The industry and administration want to avoid it being punted to 2026, when next year’s midterm elections may make it even harder to pass major legislation. Politico Pro reported Friday that Senate Banking GOP staff has indicated openness to waiting until the week of Oct. 20 to mark up the market structure bill. 

The Act’s backers emphasize the need for prompt rulemaking and robust market oversight once it is enacted — tasks that would fall squarely to the CFTC. As one D.C. insider put it, “A confirmed CFTC chair is seen as indispensable for the Act’s successful rollout.” 

And that’s why the industry is nervously eyeing the holdup with Quintenz’s confirmation. 

What’s Delaying the Quintenz Vote 

Quintenz was nominated to chair the CFTC last winter, but the White House put his confirmation on hold in late July after the Winklevoss  request. Previously, Winklevoss had publicly clashed with Quintenz over regulatory matters. Quintenz then published their text exchange on Sept. 10 in the spirit of transparency.

Sara Lasure, communications director for the Senate Agriculture Committee, led by Chair John Boozman (R-AR), said in an email to Unchained that Boozman still supports Quintenz and would like to move forward with a vote on his nomination. 

According to multiple sources familiar with the matter, the only thing holding up Quintenz’s confirmation is the White House. (Winklevoss and the White House did not respond to requests for comment.)

Industry sentiment overwhelmingly favors Quintenz, with seven D.C. crypto associations sending a letter to President Trump in late August emphasizing “strong support for your nomination of Mr. Brian Quintenz … and the need for his expeditious confirmation by the United States Senate.” However, Bloomberg recently reported that the White House is vetting other candidates.

How Clarity Could Be Stalled by the CFTC Fight

Since confirmation of a CFTC Chair requires a simple majority of 51 but technically only 50 votes since Vice President J.D. Vance would break a tie, only Republicans are needed to confirm Quintenz. However, 60 votes are necessary to pass the Clarity Act, which gives Democrats some negotiating leverage. 

According to two sources familiar with the matter, the Senate Democrats on the Agriculture Committee are unhappy that President Trump has not nominated any Democratic CFTC commissioners to be confirmed by the Senate. It is customary, but not required, that the president nominate commissioners from each party and then nominate the Chair, who needs to be confirmed by Congress, for a total of five commissioners.

So far, Trump’s CFTC just has Acting Chair Caroline Pham, who said in May she plans to resign after Quintenz is confirmed. Industry sources speculated she could do so before a CFTC Chair is confirmed, meaning the agency would have no commissioners. When Unchained asked Pham asked for comment, a CFTC spokesperson said until the new chairman’s confirmation, Pham, “remains committed to faithfully executing on the President's agenda and delivering on his promise to win on crypto."

“The lack of Democratic nominees to the CFTC has been a point of concern for the left side of the aisle, but the lack of progress on a CFTC chair has created friction for the process of negotiating market structure legislation as a whole,” said an industry insider familiar with the negotiations. 

In other words, passing a market structure bill with sufficient Democratic support might be easier if the current administration appointed more Democratic commissioners to the CFTC, which could attract eight or even ten Democrats to vote for it.

A second source agreed that the Democrats were aiming to use Clarity to horse trade with Trump and get Dem nominees for the CFTC. 

Indeed, last Friday, a dozen Democratic Senators released a framework for market structure that recommended it “[r]equire that commissioners from both parties sit at the SEC and CFTC to create a quorum for digital asset rulemakings.” It also noted, “President Trump has fired countless Democratic commissioners from independent regulatory agencies and shown little interest in nominating new officials.”

The Two Big Risks to the Clarity Act of Not Having a Confirmed CFTC Chair 

It’s unclear how willing Trump is to compromise here. That means Clarity, which is part of Trump’s own legislative priority to help make the U.S. the crypto capital of the world, could become collateral damage, though nothing yet indicates this is likely.

The other risk that not having a confirmed CFTC Chair has for the crypto industry is that, even if it passes, such a vacancy during its rollout puts the very stability of the U.S. digital asset market structure at risk. 

As Perkins put it, “A confirmed ​​CFTC Chair is essential — without one, it’s tough to build staff, set direction, or meet new market demands. Both parties agree: strong, permanent leadership is the key to advancing market structure.” 

Even as Pham and SEC Chair Paul Atkins released a joint statement indicating better coordination between the two agencies, industry sources still are raising concern that the agency is simply unprepared to meet the workload of regulating a new market — crypto — which would include expanding its current crypto derivatives oversight and adding on the spot market, with which it has no experience. 

"If the Trump Administration wants to make the U.S. the crypto capital of the planet, they need to sort out CFTC leadership immediately. With the SEC now saying that most tokens are not securities, the CFTC will have a very important role in our crypto future. Futures unlock risk management, and if this market isn't fixed, institutions will stay on the sidelines," said a crypto industry D.C. insider familiar with the matter.

Related content: 

• Crypto Expert Brian Quintenz of Andreessen Horowitz Selected to Lead the CFTC

• Winklevoss Twins Sound Alarm Over CFTC Nominee Brian Quintenz’s Kalshi Ties

• America Is Becoming The Crypto Capital of CeFi. Here’s Why That Must Change