A Nevada Congresswoman requested the Commodity Futures Trading Commission (CFTC) to penetrate if Chairman candidate Brian Quintenz is jeopardized by his monetary interest in the controversial forecast market trading platform Kalshi.

- Nevada Rep. Dina Titus desires the CFTC to release Chairman nominee Brian Quintenz's interactions about forecast outcome markets.
- Titus is worried Quintenz, who's still awaiting Senate approval, will not be neutral on regulatory decisions since he's on Kalshi's board.
- Kalshi has actually been in a legal battle with numerous U.S. states.

Rep. Dina Titus sent a letter to CFTC Acting Chairwoman Caroline Pham requesting the commission check out whether Quintenz has a dispute of interest since he serves on the board of Kalshi. Titus, who isn't in favor of Quintenz's nomination, questioned if he broke federal law, agency treatments, regulations, or his ethical promise before the Senate verification.

As co-chair of the Congressional Gaming Caucus, I am advising the @CFTC to examine @BrianQuintenz, as the Senate considers his election for Chair of the CFTC.

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

"Specifically, I request that you release all relevant communications from or about Mr. Quintenz related to prediction markets and event agreements," Titus wrote 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 topics.

She included, "Since Mr. Quintenz's election in February, the CFTC has actually taken numerous actions connected to prediction markets that have impacted Kalshi and its competitors. This includes settling lawsuits with Kalshi, approving new forecast market platforms, and closing relevant examinations."

Open info

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

In the letter to the CFTC, Titus questioned a recent Freedom of Information Act demand that showed Quintenz pursued information on Kalshi's rivals before his election. This came after Quintenz promised in composing to the CFTC that he would avoid conflicts of interest surrounding Kalshi and have nothing to do with the trading company for one year.

"While I hope Mr. Quintenz is following the law and his own ethical pledge, unfortunately this company has actually already shown not to be transparent, cancelling a previously revealed public roundtable, overlooking my petition request, and neglecting CFTC policies and the law by permitting the trading of event contracts on sporting events that are unlawful gaming," Titus wrote.

Decision-making concerns

The Silver State Congresswoman is concerned Quintenz won't be neutral toward Kalshi and forecast outcome markets regarding future regulative decisions, so Titus is requesting the CFTC release all of Quintenz's interactions on the subject. This includes his private e-mails and conversations with Kevin Webb, who Titus said is expected to be called Quintez's chief of staff if he becomes commission chair.

"As the Senate thinks about Mr. Quintenz's nomination to chair this essential firm, it is necessary that the general public completely comprehend the extent of his participation regulating a sector in which he has a substantial financial interest," Titus wrote. "I am concerned that as Chair, he will not support both his own ethical pledge and other laws and guidelines 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 election vote over the last month. Quintenz worked as CFTC chair in Trump's first administration.

Kalshi under fire

Kalshi burst onto the scene during the 2024 U.S. Presidential Election and came under fire in a number of American states for using political and sports result agreements in all 50. Nevada, Maryland, and New Jersey, together with other jurisdictions, attempted to stop Kalshi from using sports outcome markets that are comparable and challenge those states' legal, managed, and taxed sportsbooks.

However, Kalshi combated back with several suits. A Maryland judge ruled against Kalshi's preliminary injunction motion recently, the trading platform's very first major setback.