A U.S. Congressman urged the Commodity Futures Trading Commission (CFTC) to investigate the relationship between Brian Quintenz, who is nominated as chairman, and the CFTC-regulated prediction platform Kalshi.
Congresswoman Dina Titus, in a letter to CFTC acting chair Caroline Pham, requested an investigation into whether Quintenz violated CFTC policies, federal regulations, or his ethical commitments before Senate confirmation.
"Especially all communications related to Mr. Quintenz regarding the prediction markets and event contracts need to be disclosed," she wrote.
"You know, Quintenz is currently on the board of Kalshi and holds stock options in the company."
Quintenz's nomination vote was recently postponed, and the president's office still supports his nomination.
Request to disclose communication records
Titus stated that previous Freedom of Information Act requests indicated that Quintenz had sought information regarding Kalshi's competitors and may have been involved in decision-making prior to Senate confirmation.
"While I hope Mr. Quintenz will comply with the law and be trustworthy, the agency has proven insufficiently transparent, allowing event contract trading for illegal gambling activities."
Additionally, she stated that if Quintenz becomes the sole CFTC commissioner, it would be impossible not to involve Kalshi's decision-making for a year. "The CFTC's inaction benefits Kalshi."
The Winklevoss brothers oppose Quintenz
Titus's letter was sent a few days after the Winklevoss brothers asked Trump to reconsider Quintenz's nomination. The brothers pointed out that Quintenz's suggestion that the CFTC needs a larger budget to regulate cryptocurrencies does not align with the president's agenda.