A U.S. congresswoman is calling on the commodities regulator to investigate its chair nominee, Brian Quintenz, over his connections to Kalshi, a prediction market platform overseen by the CFTC.
In a letter sent Monday to acting CFTC Chair Caroline Pham, Democratic Representative Dina Titus urged the agency to launch “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.”
“I specifically request the release of all relevant communications from or about Mr. Quintenz related to prediction markets and event contracts,” she added.
“As you are aware, Mr. Quintenz is currently on the board of Kalshi and holds stock options in the company.”
A vote on Brian Quintenz’s nomination has recently been derailed, following two delays over the past month.
Last week, the Senate Agriculture Committee canceled a scheduled hearing at the request of the White House. Despite the postponement, the administration is reportedly continuing to back his nomination.
Congresswoman Calls for Release of Communications
Titus cited a recent Freedom of Information Act request suggesting that Quintenz had “sought information regarding Kalshi’s competitors” and may have been involved in agency decision-making before his Senate confirmation.
“While I hope Mr. Quintenz is adhering to the law and his own ethical pledge, this agency has unfortunately already demonstrated a lack of transparency,” she added, accusing the CFTC of flouting regulations “and the law by permitting the trading of event contracts on sporting events that constitute illegal gambling.”
Titus urged the CFTC to “release all communications between the agency and Mr. Quintenz related to commission matters on prediction markets,” including any efforts to direct individuals to “communicate with Mr. Quintenz through his private email.”
She previously raised concerns about Quintenz in June, posting on X that he “must be asked about his plans for prediction markets,” warning that if he were to lead the CFTC, “every state’s ability to regulate and tax gaming is at stake.”
Back in February, Titus criticized prediction markets on sports as a “backdoor way to allow sports betting in 50 states,” bypassing “consumer protections, responsible gaming, integrity monitoring, and state tax revenue rules and regulations.”
“Unrealistic”: Quintenz Unlikely to Regulate Kalshi Alone as Sole Commissioner
Titus argued that the steps Quintenz has pledged to take if confirmed as CFTC chair are unrealistic, given he is set to become the sole commissioner on what is normally a five-member panel.
Acting Chair Caroline Pham has said she will step down once Quintenz is confirmed, and the only other sitting commissioner, Kristin Johnson, announced in May that she plans to resign “later this year” following the expiration of her term in April.
In a May letter to the CFTC, Quintenz stated that if appointed, he would resign from Kalshi—regulated by the CFTC as a Designated Contract Market—divest or forfeit his shares, and recuse himself from any matters involving the firm for one year after his departure.
But Titus questioned the feasibility of that commitment. “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,” she said.
“Furthermore, regulatory inaction is of material benefit to Kalshi,” she added.
Winklevoss Twins Reverse Course on Quintenz
Titus’s letter follows a recent Politico report revealing that Gemini co-founders Cameron and Tyler Winklevoss urged former President Donald Trump to reconsider Brian Quintenz’s nomination to lead the CFTC.
According to the report, the Winklevoss twins told Trump that Quintenz wouldn’t bring enough change to the agency and wasn’t fully aligned with the president’s agenda. They specifically pointed to Quintenz’s June testimony, where he suggested the CFTC’s budget should be increased to handle its expanding role in crypto regulation.
The move marks a sharp reversal from their earlier support. When Quintenz was first nominated by Trump, Cameron Winklevoss posted on X in February that he was “exactly the leader the CFTC needs,” while Tyler Winklevoss called the nomination “well deserved” and “a great choice for crypto and for America.”
