CFTC Chair nominee says ‘the law is clear’ on prediction markets
Brian Quintenz said Tribal entities are free to offer their own versions of these markets.
Key Points
- The topic of sports events contracts has been one of controversy in recent months
- Since the November 2024 election, the CFTC has been in legal dispute with Kalshi
Commodity Futures Trading Commission (CFTC) Chair nominee Brian Quintenz recently responded to sports events contracts concerns iin a recent hearing and affirmed that “Native American Tribes are free to get CFTC approval and offer their own versions of these markets.”
Tribes in California have voiced concerns over CFTC-registered prediction markets, including Kalshi, allowing players to bet on sports outcomes through sports events contracts, prompting comments from Quintenz.
During his Senate confirmation hearing, Quintenz responded to questions from the United States Senate Committee on Agriculture, Nutrition, and Forestry, covering the topic of cryptocurrency.
When questioned about his stance on prediction markets by California Sen. Adam Schiff, Quintenz commented, “I appreciate the concerns that you mentioned. I believe the law is very clear about the purpose of derivative contracts, and about events that have financial or economic consequences qualifying as commodities.
“But I would pledge to you, given that this is an area that has more recently found legislative clarity, given the actions of the agency previously, that I would have a very robust all-stakeholder engagement process. I would listen to the concerns of the Tribes that you mentioned.”
Quintenz was nominated for the role CFTC Chair by President Donald J. Trump. At this time, the committee has not voted on his appointment, according to local reports.
The CFTC recently requested authorization to settle its legal dispute with Kalshi, according to a Bloomberg news report.
The CFTC did not elaborate on its recent for possible case dismissal. The agency recently filed the request with the US Court of Appeals for the District of Columbia Circuit.
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