In a surprising turn of events hours before Gemini's planned IPO, a prospective CFTC chair has released private text messages exchanged with Cameron and Tyler Winklevoss, the co-founders of the cryptocurrency exchange. The released texts hint at a potential conflict and possible attempts to influence the nomination of the chair.

The text chain between the Winklevoss twins and Brian Quintenz reportedly reveals that the Gemini co-founders were seeking assurances regarding enforcement actions. Quintenz stated that the complaint from the Winklevoss twins stemmed from his refusal to review a CFTC action against Gemini before assuming the chair role.

According to Quintenz, the Winklevoss twins contacted former President Trump in an attempt to pause his confirmation for undisclosed reasons following their exchange. He stated that he disclosed the discussions with Winklevoss to protect the President from misinformation and demonstrate his commitment to transparency.

This isn't the first time the Winklevoss twins have expressed concerns regarding potential CFTC leadership. Back in July 2025, they reportedly contacted President Trump directly to voice their concerns about Brian Quintenz's nomination to lead the Commodity Futures Trading Commission (CFTC). They suggested that Quintenz "wouldn't shake up the CFTC enough" and expressed concerns that Quintenz was not aligned with Trump's agenda.

Notably, Cameron Winklevoss had previously called Quintenz "exactly the leader the CFTC needs" in a post on X. However, it seems their stance changed over time. Tyler Winklevoss stated that many in the crypto industry have serious concerns with the nomination. Concerns have been raised regarding Quintenz's views towards crypto coding, his history as a bureaucrat, and his support of CBDCs. His position at the a16z venture firm and board seat at prediction markets company Kalshi have also raised questions about potential financial biases.

The CFTC has had previous regulatory clashes with Gemini. In January 2025, Gemini agreed to pay $5 million to settle charges over allegedly misleading statements about a crypto investment product. The agency had accused Gemini of "making false or misleading statements of material facts" regarding a BTC-based exchange-traded product (ETP) in 2017.

The release of these private texts just before Gemini's IPO adds another layer of complexity to the situation. The timing raises questions about the motives behind the release and the potential impact on Gemini's public offering. The events could potentially influence the future of digital asset regulation in the U.S.