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A key issue, according to Politico, is that Quintenz suggested during a June confirmation hearing that the CFTC’s budget should increase if it takes on greater responsibilities in crypto regulation and enforcement.17 The CFTC has long been the crypto industry’s desired regulator, largely because it is smaller and more budget-constrained compared to the more aggressive SEC. While some, including Quintenz, argue that an expanded mandate should come with additional funding, the Winklevoss twins seem to hope the CFTC will be forced to do more with less, stretching the agency thinner and limiting its ability to energetically oversee and enforce crypto regulations. The Winklevosses also criticized Quintenz for remarks from his previous CFTC tenure, including those suggesting smart contract developers could be liable if they could reasonably foresee that their software might be used to violate CFTC regulations, and others the Winklevosses view as insufficiently opposed to central bank digital currencies. They also agreed that Quintenz’s FOIA-ed emails “raise serious questions”.18
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A key issue, according to Politico, is that Quintenz suggested during a June confirmation hearing that the CFTC’s budget should increase if it takes on greater responsibilities in crypto regulation and enforcement.17 The CFTC has long been the crypto industry’s desired regulator, largely because it is smaller and more budget-constrained compared to the more aggressive SEC. While some, including Quintenz, argue that an expanded mandate should come with additional funding, the Winklevoss twins seem to hope the CFTC will be forced to do more with less, stretching the agency thinner and limiting its ability to energetically oversee and enforce crypto regulations. The Winklevosses also criticized Quintenz for remarks from his previous CFTC tenure, including those suggesting smart contract developers could be liable if they could reasonably foresee that their software might be used to violate CFTC regulations, and others the Winklevosses view as insufficiently opposed to central bank digital currencies. They also agreed that Quintenz’s FOIA-ed emails “raise serious questions”.18
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