CFTC urged to examine chair nominee Quintenz’s “conflicts of interest”
Kalshi board member is vying for a second spell as CFTC chair, but Nevada congresswoman Dina Titus has aired her concerns over potential impartiality issues
The Commodity Futures Trading Commission (CFTC) has been asked to investigate a potential conflict of interest related to Brian Quintenz, the nominee to chair the agency.
Nevada congresswoman Dina Titus has urged a probe from the CFTC into whether Quintenz’s position on the board of Kalshi means his ability to be impartial on the divisive topic of prediction markets is compromised.
Titus is also the author of the FAIR BET Act, which aims to repeal the gambling loss tax cap cut including in the One Big Beautiful Bill Act.
Kalshi, despite drawing the ire of state-level regulators, has been adamant that it is regulated at federal level by the CFTC.
Titus has raised questions over whether the Kalshi board member has violated any federal law, agency procedures, regulations or his ethical pledge before the Senate.
The congresswoman has penned an open letter to CFTC acting chair Caroline D. Pham, in which Titus requests all communications from Quintenz regarding prediction markets be released.
Those include conversations with Kevin Webb, who is rumoured to be the most likely chief of staff to Quintenz were he to be named CFTC chair.
“Specifically, I request that you release all relevant communications from or about Mr. Quintenz related to prediction markets and event contracts,” Titus wrote.
“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 went on to address Kalshi’s previous legal battles with the CFTC, adding: “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.”
Titus added: “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.”
Quintenz has already received the backing of President Donald Trump having served as CFTC chair during his first term in the White House, but is yet to convince Senate Agriculture Committee, which has canceled his nomination vote twice previously.
Titus concluded: “As the Senate considers Mr. Quintenz’s nomination to chair this important agency, it is imperative that the public fully understand the extent of his involvement regulating a sector in which he has a substantial financial interest.
“I am concerned that as chair he will not uphold both his own ethical pledge and other laws and regulations related to conflicts of interest.”