Representative Dina Titus (D-NV) has formally requested the Commodity Futures Trading Commission (CFTC) investigate Brian Quintenz’s professional ties to prediction market platform Kalshi, citing transparency, regulatory compliance, and conflict-of-interest concerns.
Titus criticized historical CFTC decisions approving certain event contracts, which she views as illegal gambling under current laws.
Her letter highlighted particular concern over Quintenz’s pledge to recuse himself from Kalshi-related CFTC matters for one year after resigning from the company if confirmed as a commissioner. Titus argued this recusal period would be ineffective should Quintenz become the sole commissioner making decisions.
While Quintenz committed to resigning from Kalshi and divesting his shares upon confirmation, Titus questioned the thoroughness of this measure given the potential influence his prior role could still exert, especially in solitary decision-making scenarios.
The objections extend beyond Congress; cryptocurrency entrepreneurs Cameron and Tyler Winklevoss urged President Trump to reconsider Quintenz’s nomination. They expressed doubts about his capacity to enact meaningful CFTC reform and align with the cryptocurrency community’s interests.
Central to the concerns raised is the possibility of Quintenz becoming the sole commissioner and the perceived risk that his past leadership at Kalshi could improperly influence impartial decisions regarding the regulation of prediction markets.