Text exchanges between Brian Quintenz and Gemini founders, Cameron and Tyler Winklevoss, were made public on social media, revealing efforts to pressure Quintenz prior to his confirmation as chair of the Commodity Futures Trading Commission (CFTC).
Pressure through Texts
Brian Quintenz shared text messages exchanged with the Winklevoss twins, suggesting that they pressured him for assurances regarding impending CFTC actions. In the messages, Tyler forwarded a complaint that accused CFTC staff of misconduct in their legal battle.
Consequences of the Confirmation
Quintenz refused to make any promises, stating he would undertake 'a fair and reasonable review.' Subsequently, the twins allegedly approached President Trump to request a delay in Quintenz's confirmation, likely aiming to affect the outcome based on their ongoing legal situation.
Gemini's IPO and Allegations
Gemini had settled with the CFTC for $5 million over allegations of misleading the regulator regarding a Bitcoin futures product. Simultaneously, the company is preparing for an IPO on Nasdaq, aiming to raise over $430 million through the sale of 16.7 million Class A shares. Allegations have also been made against CFTC representatives for pursuing the case for personal gain.
The release of these messages raises questions about transparency and ethical conduct in regulatory and market practices. Furthermore, Gemini's IPO may shed additional light on this complex situation.
