President Trump has nominated Brian Quintenz to become Chairman of the Commodity Futures Trading Commission (CFTC).
Quintenz currently serves on the board of prediction market site Kalshi, which is regulated by the CFTC.
The prospective chairman took to social media platform X to announce his nomination. He posted: “It is my great honor to be nominated by President Donald Trump as the next Chairman of the Commodity Futures Trading Commission, where I had served as a Commissioner in his last administration.”
He continued: “The CFTC plays a critical role in maintaining robust hedging and price discovery markets that are the envy of the globe. The agency is also well poised to ensure the USA leads the world in blockchain technology and innovation. I look forward to working with President Trump’s incredible financial regulatory team.”
Quintenz’s Experience and Regulatory Background
Quintenz was initially appointed as a CFTC Commissioner in 2016 under Barack Obama’s administration but was not approved by Congress before Obama left office. Trump subsequently re-nominated him, and he served in the role for four years, departing in August 2021. Quintenz’s appointment as Chair is still pending Congressional approval.
Outgoing Chair Caroline Pham took to LinkedIn to congratulate Quintenz. She wrote: “I congratulate my friend Brian Quintenz on his nomination for CFTC Chairman. I worked with Brian on important initiatives that he led to success as a CFTC commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC, and continuing to deliver on the Administration’s agenda to promote economic growth and American competitiveness.”
Kalshi’s Growing Influence in the Betting and Event Markets
Event contract firm Kalshi has been in the spotlight again of late following a filing stating that it is going to self-regulate prop-style markets and single-game events on its site. It also ran marketing campaigns around Super Bowl LIX, stating that it offers legalized sports betting in 50 states.
Furthermore, Kaslhi won a case against the CFTC that allowed it to offer an event market on the Presidential election. The CFTC has subsequently appealed, but with Quintenz potentially at the helm could come significantly more pro-event contract industry.
President Trump’s son, Donald Trump Jr., was recently appointed as a strategic advisor by the firm. Announcing the appointment, Kalshi said: “Don’s bold business mindset and deep understanding of market dynamics perfectly align with Kalshi’s mission to redefine how America engages with information. His strategic guidance will help accelerate our growth, refine our market strategies, and open doors to new partnerships and audiences.”
Despite Kalshi’s Super Bowl contract not attracting anywhere near the volume of the Presidential Election, pressure is starting to build amongst regulated sportsbooks who argue that Kalshi is going beyond its remit as an entity regulated by the Future’s Trading Commission.
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