Congresswoman Dina Titus has sent a formal letter calling for an ethical investigation into Brian Quintenz, nominated as CFTC Chair. The letter raises questions about potential conflicts of interest related to his work on the Kalshi platform.
Call for Investigation and Transparency
In a letter sent to Acting CFTC Chair Caroline Pham, Titus urged the agency to determine whether Quintenz breached federal ethics rules, CFTC policies, or his own pledge made prior to Senate confirmation.
Titus emphasized the need for transparency, requesting the release of all communications involving Quintenz and any discussions pertaining to prediction markets and event contracts.
Lack of Trust in CFTC Leadership
According to information provided by Titus, the White House supports Quintenz’s nomination, but a vote has been delayed twice in the past month, raising further questions about his ties to Kalshi. She cited a Freedom of Information Act (FOIA) request that allegedly showed Quintenz had inquired about Kalshi’s competitors and may have engaged with CFTC matters before receiving Senate approval.
"Unfortunately, this agency has already proven not to be transparent," she noted.
Potential Conflicts of Interest
Titus expressed doubts about whether Quintenz can refrain from involvement in Kalshi-related matters for a year if confirmed. "It seems impractical to believe that he will not make any decisions involving Kalshi for one year," she added. The Congresswoman also criticized previous CFTC decisions permitting trading on event contracts, including sports outcomes, which she labeled as illegal gambling.
Quintenz has pledged to resign from Kalshi, forfeit his shares, and abstain from involvement in company matters for a year if confirmed, but Titus believes these measures fall short.
Congresswoman Dina Titus continues to advocate for an investigation into potential ethical violations by Brian Quintenz and calls for greater transparency regarding his ties to Kalshi, which may impact his confirmation as CFTC Chair.
