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A Nevada Congresswoman requested the Commodity Futures Trading Commission (CFTC) to probe if Chairman candidate Brian Quintenz is jeopardized by his monetary interest in the questionable prediction platform Kalshi.

- Nevada Rep. Dina Titus wants the CFTC to release Chairman candidate Brian Quintenz's communications about prediction result markets.

Titus is worried Quintenz, who's still awaiting Senate approval, won't be objective on regulatory choices because he's on Kalshi's board.
Kalshi has remained in a legal battle with a number of U.S. states.

Rep. Dina Titus sent out a letter to CFTC Acting Chairwoman Caroline Pham requesting the commission appearance into whether Quintenz has a dispute of interest since he serves on the board of Kalshi. Titus, who isn't in favor of Quintenz's election, questioned if he violated federal law, company procedures, guidelines, or his ethical pledge before the Senate confirmation.

As co-chair of the Congressional Gaming Caucus, I am urging the @CFTC to investigate @BrianQuintenz, as the Senate considers his nomination for Chair of the CFTC.

Quintenz is presently on the board of Kalshi and holds stock options in the business, which is regulated by the ...

"Specifically, I request that you release all relevant communications from or about Mr. Quintenz associated to forecast markets and occasion contracts," Titus composed in the letter. "As you know, Mr. Quintenz is presently on the board of Kalshi and holds stock alternatives in the business. Kalshi is a Designated Contract Market controlled by the CFTC that provides occasion agreements connected to sports and other subjects.

She included, "Since Mr. Quintenz's election in February, the CFTC has taken several actions associated with forecast markets that have actually affected Kalshi and its competitors. This consists of settling claims with Kalshi, approving brand-new forecast market platforms, and closing relevant examinations."

Open info

Titus serves Nevada's First District, which includes Las Vegas. She's likewise co-chair of the Congressional Gaming Caucus and spoke up against the Big Beautiful Bill's brand-new gambling tax. Now, she's set her sights on forecast market platforms, which she calls "unlawful gambling."

In the letter to the CFTC, Titus questioned a current Freedom of Information Act demand that showed Quintenz pursued information on Kalshi's competitors before his nomination. This followed Quintenz vowed in composing to the CFTC that he would avoid disputes of interest surrounding Kalshi and have nothing to do with the trading business for one year.

"While I hope Mr. Quintenz is following the law and his own ethical promise, unfortunately this company has already proven not to be transparent, cancelling a formerly revealed public roundtable, disregarding my petition request, and overlooking CFTC regulations and the law by allowing the trading of event contracts on sporting occasions that are prohibited betting," Titus wrote.

Decision-making issues

The Silver State Congresswoman is concerned Quintenz will not be neutral towards Kalshi and prediction outcome markets relating to future regulative decisions, so Titus is asking for the CFTC release all of Quintenz's communications on the topic. This includes his personal emails and conversations with Kevin Webb, who Titus stated is anticipated to be called Quintez's chief of staff if he ends up being commission chair.

"As the Senate thinks about Mr. Quintenz's nomination to chair this important company, it is important that the public completely comprehend the level of his participation regulating a sector in which he has a considerable financial interest," Titus composed. "I am concerned that as Chair, he will not promote both his own ethical promise and other laws and regulations associated with conflicts of interest."

Quintenz received President Donald Trump's nomination previously this year, however there's been a hang-up in the Senate Agriculture Committee, which two times canceled his nomination vote over the last month. Quintenz served as CFTC chair in Trump's first administration.

Kalshi under fire

Kalshi burst onto the scene throughout the 2024 U.S. Presidential Election and came under fire in a number of American states for providing political and sports result contracts in all 50. Nevada, Maryland, and New Jersey, in addition to other jurisdictions, attempted to stop Kalshi from offering sports result markets that are similar and challenge those states' legal, regulated, and taxed sportsbooks.

However, Kalshi resisted with multiple claims. A Maryland judge ruled against Kalshi's preliminary injunction motion last week, the trading platform's very first significant problem.