Congresswoman Demands Probe Into CFTC Nominee Over Kalshi Ties

A U.S. congresswoman has called for an investigation into Brian Quintenz, the nominated chair of the Commodity Futures Trading Commission (CFTC), over his ties to Kalshi, a prediction market platform regulated by the CFTC [1]. Democratic Representative Dina Titus sent a letter to acting CFTC chair Caroline Pham, urging the release of all communications between the agency and Quintenz related to prediction markets and any attempts to direct conversations through his private email [1].

Titus cited concerns that Quintenz may have violated CFTC policies or federal statutes prior to his Senate confirmation, particularly given his current position on Kalshi’s board and his ownership of stock options in the company [1]. She also noted that a recent Freedom of Information Act request revealed that Quintenz had sought information about Kalshi’s competitors and potentially influenced regulatory decisions before his confirmation [1]. Titus expressed doubts about the CFTC’s transparency and past decisions, including its allowance of event contracts on sporting events that she described as “illegal gambling” [1].

Quintenz has promised to resign from Kalshi and divest his shares if confirmed as CFTC chair, pledging not to participate in any matters related to the company for a year after his resignation [1]. However, Titus argues that as the sole commissioner during the initial period of his leadership, it would be impractical to expect him to avoid making decisions involving Kalshi [1]. With Pham set to leave the agency and the only other current commissioner planning to step down, Quintenz would hold near-total authority over CFTC matters [1].

The scrutiny over Quintenz intensified following reports that the Winklevoss twins, co-founders of Gemini, had urged President Donald Trump to reconsider the nomination [1]. They reportedly argued that Quintenz lacked the vision to reform the CFTC and instead supported expanded regulatory control, which they claimed did not align with the president’s agenda [1]. This marked a reversal from earlier support from the Winklevosses, who had praised Quintenz as an ideal leader for the agency [1].

Kalshi, co-founded by Jack Dorsey, has been at the center of regulatory and policy debates due to its status as a legal, CFTC-regulated prediction market [1]. Quintenz’s prior professional ties to the company, whether through investment or consulting, remain unclear, contributing to the growing concerns over his suitability for the role [1].

While the White House has reportedly continued to support Quintenz’s nomination, the bipartisan nature of the criticism and the lack of clarity around his potential conflicts of interest could influence the Senate’s decision [1]. The outcome of this nomination may shape future regulatory approaches to digital assets and prediction markets in the U.S. [1].

Source:

[1] Cointelegraph: [https://cointelegraph.com/news/cftc-nominee-brian-quintenz-probed-kalshi-ties](https://cointelegraph.com/news/cftc-nominee-brian-quintenz-probed-kalshi-ties)