Nevada representative seeks CFTC investigation into Quintenz
Brian Quintenz was President Donald Trump’s selection to lead the Commission, but has seen his nomination vote delayed on two separate occasions in the past month.
Key Points
- Congresswoman Titus brought forth concerns over Quintenz’s connections with Kalshi, specifically his role on the operator’s Board and stock options held in the company
- The Nevada representative requested an inquiry into whether Quintenz “violated CFTC policies, any applicable federal statute or his own ethical pledge” prior to confirmation
Congresswoman Dina Titus sent a letter to the Commodity Futures Trading Commission (CFTC) in the hopes of opening an investigation into Commission Chair nominee Brian Quintenz due to possible violations stemming from his role on the Board of Kalshi and stock options held in the company.
“As co-chair of the Congressional Gaming Caucus and the elected representative of Nevada’s First Congressional District, I write to request an inquiry into whether Mr. Brian Quintenz has violated CFTC policies, any applicable federal statute or his own ethical pledge prior to his Senate confirmation as Chair of the (CFTC),” Titus said.
“Specifically, I request that you release all relevant communications from or about Mr. Quintenz related to prediction markets and event contracts. As you are aware, Mr. Quintenz is currently on the board of Kalshi and holds stock options in the company. Kalshi is a Designated Contract Market regulated by the CFTC that offers event contracts related to sports and other topics.”
Titus continued: “Since Mr. Quintenz’s nomination in February, the CFTC has taken several actions related to prediction markets that have impacted Kalshi and its competitors. This includes settling lawsuits with Kalshi, approving new prediction market platforms and closing relevant investigations.”
Quintenz was President Donald Trump’s selection to lead the Commission, but has seen his nomination vote delayed on two separate occasions in the past month.
“While I hope Mr. Quintenz is following the law and his own ethical pledge, unfortunately this agency has already proven not to be transparent, cancelling a previously announced public roundtable, ignoring my petition request and disregarding CFTC regulations and the law by allowing the trading of event contracts on sporting events that are illegal gambling,” Titus said.
“Additionally, as Mr. Quintenz may be the only commissioner of the CFTC for some time, it seems impractical to believe that he will not make any decisions involving Kalshi for one year, considering the vast amount of regulatory and legal action concerning prediction markets. Furthermore, regulatory inaction is of material benefit to Kalshi.”
Good to know: Quintenz responded to sports events contracts concerns in a recent hearing on June 11 and affirmed that “Native American Tribes are free to get CFTC approval and offer their own versions of these markets”
The Nevada representative requested all communications between the CFTC and Quintenz regarding prediction markets be released, including agency decision-making and possible attempts to direct individuals to speak with Quintenz through his private email.
She also asked for the release of any communication between Quintenz and his Chief of Staff, Kevin Webb, involving Quintenz’s presence in the CFTC’s decision-making prior to his confirmation.
“To the extent necessary, I ask that Christopher Skinner, Inspector General of the CFTC, and Mr. John Einstman, the agency’s Designated Agency Ethics Official, oversee the release of relevant communications and investigate whether Mr. Quintenz has violated any federal law or agency procedures. This should include an evaluation of whether the nominee or any agency employee has engaged in ex parte communications that violate CFTC regulations,” Titus said.
Titus also introduced the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act to counter the “anti-gambling” measures put forth in President Trump’s Big Beautiful Bill Act on July 11.
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