Rep. Dina Titus Calls for CFTC Chair Nominee Probe

Rep. Dina Titus, a Nevada Democrat, is advocating for an investigation by the U.S. Commodity Futures Trading Commission (CFTC) into Brian Quintenz, who is awaiting a nomination vote for chair. In a letter to CFTC Acting Chair Caroline Pham, she raises questions about whether Quintenz has breached CFTC policies, federal laws, or ethical commitments, particularly relating to prediction markets and event contracts. Quintenz's nomination process has faced disruption, with the Senate Agriculture Committee canceling the vote twice recently, citing a request from the White House. Amidst this, prominent figures in the cryptocurrency sector, such as Tyler and Cameron Winklevoss, have voiced their concerns over Quintenz's agenda. Tyler Winklevoss expressed significant reservations about the nomination during an interview. As co-chair of the Congressional Gaming Caucus, Titus highlighted Quintenz's association with Kalshi, a prediction markets company, stating that he has pledged to resign from its board if confirmed. Additionally, she referenced findings from Dustin Gouker, a predictions market expert, who revealed potential issues via a Freedom of Information Act request. Gouker indicated that a Quintenz associate may have sought non-public information from the CFTC regarding approval processes for market contracts that could compete with Kalshi. Though Gouker acknowledged that such requests are not typically unusual in agency transitions, he questioned the appropriateness of Quintenz requesting this information while still being tied to Kalshi’s leadership. The CFTC has yet to respond to inquiries on the matter. As a nominee for chair, Quintenz is following President Donald Trump's initial appointment to the CFTC in his first term, which was well-received by the crypto community. The commission is currently experiencing significant leadership transitions, with four commissioners having recently departed or announced their exit. Titus emphasized the public's right to understand Quintenz's involvement with the sector he would regulate. She expressed worries that, should he take on the chair position, he might not adhere to ethical standards and regulations regarding conflicts of interest.