An American deputy urged the regulator of raw materials to investigate his designated presidency, Brian Quintenz, on his links with Kalshi, a prediction platform regulated by the CFTC.
Democratic representative Dina Titus asked the acting president of the Commodity Futures Trading Commission Caroline Pham in a letter on Monday to open “an investigation on the question of whether Mr. Brian Quintenz violated CFTC policies, any applicable federal law or his own ethical commitment before its confirmation of the Senate” “to chair the agency.
“More specifically, I ask you to publish all the relevant communications of Mr. Quintenz linked to the prediction markets and to event contracts,” she wrote.
“As you know, Mr. Quintenz is currently part of the board of directors of Kalshi and holds options for purchasing shares in the company.”
A vote on the appointment of Quintenz was recently derailed, after being delayed twice in the last month.
Last week, the senatorial committee of agriculture drawn an audience provided for the appointment at the request of the White House, but the administration would have always argued the appointment.
The member of the Congress requests that communications be published
Titus said that a recent request for a law on freedom of information indicated that Quintenz had “asked for information concerning the competitors of Kalshi and that he could be involved in agency decision -making before his confirmation of the Senate”.
“Although I hope that Mr. Quintenz will follow the law and his own ethical commitment, unfortunately, this agency has already proven itself as transparency,” she added, affirming that the CFTC had ignored the regulations “and the law by authorizing the trade in event contracts on sporting events which are illegal games”.
Titus asked the CFTC to “release all communications between the agency and Mr. Quintenz linked to commission issues on the prediction markets”, including any attempt to order people to “communicate with Mr. Quintenz through his private email”.
Titus disseminated concerns about Quintenz in June, displaying X when he “must be questioned on his prediction market plans” and if he directed the CFTC, “the capacity of each State to regulate and to tax the games is at stake.”
In February, she called for sports prediction markets as a “stolen door route to allow sports betting in 50 states” which ignored “consumer protections, responsible games, integrity surveillance and the rules and regulations of state tax revenue”.
“Unpreciation”, Quintenz will not regulate Kalshi as a single commissioner
Titus said that the steps that Quintenz had undertaken to take in the event of a CFTC pulpit would not be practical, because he should be the only person to the committee generally to five men who headed the agency.
Pham said that she would leave the agency once Quintenz is confirmed, and the only other current commissioner Kristin Johnson, said in May that she had left “later this year” after the expiration of her three -year term in April.
Quintenz declared in a letter to the CFTC in May that if it was appointed to manage the agency, it would resign from Kalshi – which is regulated by the CFTC as a market for designated contracts – and has lost or yielded its actions in the company and would not participate in any questions involving the company for a year after its resignation.
“Mr. Quintenz can be the only CFTC commissioner for a while, it seems unaccompretted to believe that he will not make any decision involving Kalshi for a year, taking into account the great amount of regulatory and judicial action concerning the prediction markets,” said Titus.
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“In addition, the regulatory inaction is an important beneficiary for Kalshi,” she added.
Winklevoss twins turn around Quintenz
Titus’ letter comes only a few days after Politico reported on Wednesday that the co-founders of Crypto Exchange Gemini Cameron and Tyler Winklevoss pressed President Donald Trump to reconsider the appointment of Quintenz.
The brothers would have told Trump that Quintenz would not sufficiently shake the CFTC and that he was not aligned with the president’s agenda, stressing Quintenz’s suggestion in a testimony in June that the CFTC budget needs a boost for his new responsibilities in the regulation of the crypto.
It is a clear reversal on the part of the twins on Quintenz when he was nominated by Trump for the first time, with Cameron Winklevoss published on X in February that he was “exactly the leader that the CFTC needs” while Tyler Winklevoss wrote the choice was “well deserved” and an “excellent choice for Crypto and for America”.
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