Congresswoman Dina Titus has called for an official investigation into Brian Quintenz, a board member at prediction market platform Kalshi and nominee for Chair of the U.S. Commodity Futures Trading Commission (CFTC), citing potential ethical violations and conflicts of interest.
In a letter addressed to Acting CFTC Chairwoman Caroline Pham, Titus urged the agency to “release all relevant communications from or about Mr. Quintenz related to prediction markets and event contracts”. She noted that Quintenz “is currently on the board of Kalshi and holds stock options in the company,” which is a “Designated Contract Market regulated by the CFTC that offers event contracts related to sports and other topics”.
As co-chair of the Congressional Gaming Caucus, I am urging the @CFTC to investigate @BrianQuintenz, as the Senate considers his nomination for Chair of the CFTC.
— Dina Titus (@repdinatitus) August 4, 2025
Quintenz is currently on the board of Kalshi and holds stock options in the company, which is regulated by the…
Conflicting roles and ethical pledges
According to the letter, Quintenz had previously committed in writing that “I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of [Kalshi]…”. He also pledged to “not participate in any matter involving Kalshi for one year”.
Titus, however, cited a Freedom of Information Act (FOIA) request suggesting that “Mr. Quintenz has sought information regarding Kalshi’s competitors and that he may be involved in agency decision-making prior to his Senate confirmation”.
She added, “As you are aware, the CFTC has taken several actions related to prediction markets that have impacted Kalshi and its competitors. This includes settling lawsuits with Kalshi, approving new prediction market platforms, and closing relevant investigations”.
Titus further expressed concern about the practicality of the one-year recusal, stating, “As Mr. Quintenz may be the only commissioner of the CFTC for some time, it seems impractical to believe that he will not make any decisions involving Kalshi for one year, considering the vast amount of regulatory and legal action concerning prediction markets. Furthermore, regulatory inaction is of material benefit to Kalshi”.
A wider regulatory battle over prediction markets
Kalshi has been at the centre of a long legal and regulatory fight with the CFTC over the legitimacy of its event-based trading markets. As detailed in a recent article, Kalshi co-founder Tarek Mansour explained that the firm had sued the CFTC over restrictions on political prediction markets. “At the time, suing your regulator wasn’t in vogue,” he said. “Now it’s fun, everyone’s doing it. But back then, it was dangerous”.
The court eventually sided with Kalshi, marking a turning point for the platform. On 5 May 2025, the CFTC dropped its legal opposition to Kalshi’s proposed election markets.
Despite this victory, prediction markets remain a controversial topic. Critics have voiced ethical concerns, particularly about markets that allow users to wager on sensitive subjects such as war or national elections. Titus also referenced such risks in her letter, stating the CFTC “has already proven not to be transparent,” citing the agency’s “cancelling a previously announced public roundtable, ignoring my petition request, and disregarding CFTC regulations and the law by allowing the trading of event contracts on sporting events that are illegal gambling”.
She concluded her letter by requesting oversight by the CFTC Inspector General and Designated Agency Ethics Official to determine whether “Mr. Quintenz has violated any federal law or agency procedures,” including potential “ex parte communications that violate CFTC regulations”.
