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

- Nevada Rep. Dina Titus wants the CFTC to release Chairman candidate Brian Quintenz's interactions about forecast result markets.
- Titus is concerned Quintenz, who's still awaiting Senate approval, will not be unbiased on regulative decisions because he's on Kalshi's board.
- Kalshi has remained in a legal fight with several U.S. states.

Rep. Dina Titus sent a letter to CFTC Acting Chairwoman Caroline Pham requesting the commission appearance into whether or not Quintenz has a dispute of interest because he serves on the board of Kalshi. Titus, who isn't in favor of Quintenz's nomination, questioned if he breached federal law, firm treatments, policies, or his ethical pledge before the Senate verification.

As co-chair of the Congressional Gaming Caucus, I am advising the @CFTC to investigate @BrianQuintenz, as the Senate considers his election 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 interactions from or about Mr. Quintenz related to forecast markets and occasion agreements," Titus composed in the letter. "As you know, Mr. Quintenz is currently on the board of Kalshi and holds stock alternatives in the company. Kalshi is a Designated Contract Market controlled by the CFTC that provides event agreements related to sports and other topics.

She added, "Since Mr. Quintenz's nomination in February, the CFTC has taken a number of actions related to forecast markets that have actually affected Kalshi and its rivals. This includes settling lawsuits with Kalshi, authorizing brand-new forecast market platforms, and closing appropriate examinations."

Open details

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

In the letter to the CFTC, Titus questioned a recent Freedom of Information Act request that showed Quintenz pursued details on Kalshi's competitors before his election. This followed Quintenz pledged in writing to the CFTC that he would prevent conflicts 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 agency has already shown not to be transparent, cancelling a previously revealed public roundtable, neglecting my petition request, and disregarding CFTC policies and the law by allowing the trading of occasion agreements on sporting events that are illegal gambling," Titus composed.

Decision-making issues

The Silver State Congresswoman is worried Quintenz will not be unbiased toward Kalshi and prediction outcome markets regarding future regulative choices, so Titus is asking for the CFTC release all of Quintenz's interactions on the subject. This includes his personal emails and discussions with Kevin Webb, who Titus said is expected to be named Quintez's chief of staff if he becomes commission chair.

"As the Senate thinks about Mr. Quintenz's election to chair this important firm, it is necessary that the general public totally comprehend the level of his participation managing a sector in which he has a significant financial interest," Titus composed. "I am concerned that as Chair, he will not support both his own ethical promise and other laws and regulations associated with disputes of interest."

Quintenz got President Donald Trump's election earlier this year, but there's been a hang-up in the Senate Agriculture Committee, which twice canceled his election vote over the last month. Quintenz served as CFTC chair in Trump's very first administration.

Kalshi under fire

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

However, Kalshi combated back with numerous suits. A Maryland judge ruled against Kalshi's initial injunction motion last week, the trading platform's first significant setback.