U.S. Rep. Dina Titus seeks probe into CFTC chair nominee Quintenz over Kalshi ties

U.S. Representative Dina Titus on Monday called on the Commodity Futures Trading Commission (CFTC) to investigate whether its chair nominee, Brian Quintenz, violated ethics rules or agency policies related to his role with prediction market platform Kalshi.

In a letter addressed to Acting CFTC Chair Caroline Pham, Titus, a Nevada Democrat and co-chair of the Congressional Gaming Caucus, requested the release of “all relevant communications from or about” Quintenz. She also urged an inquiry into whether the former CFTC commissioner, who was nominated by President Donald Trump to return as chair, had breached federal statutes or ethical pledges ahead of his Senate confirmation.

“As the Senate considers Mr. Quintenz’s nomination to chair this important agency, it is imperative that the public fully understand the extent of his involvement regulating a sector in which he has a substantial financial interest,” Titus wrote in the letter.

The scrutiny stems from Quintenz’s ongoing position as a board member and investor in Kalshi, which operates federally regulated prediction markets. Though Quintenz previously pledged to divest his interest and recuse himself from Kalshi-related matters if confirmed, new information obtained through a Freedom of Information Act (FOIA) request raised concerns.

A report from The Closing Line newsletter revealed communications between Quintenz and the CFTC, including a request - allegedly from a Quintenz associate - for non-public information about approval processes for other designated contract markets that could compete with Kalshi.

“Despite this pledge, a recent Freedom of Information Act request from The Closing Line indicates 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,” Titus said in her letter.

Dustin Gouker, a prediction markets expert who reviewed the FOIA materials, said that while some communication was not unusual for an incoming agency head, “there’s some question about whether Quintenz should be asking for or receiving some of this information, given the fact that he’s still a member of Kalshi’s board.”

Quintenz’s confirmation vote before the Senate Agriculture Committee has been delayed twice, most recently following a request from the White House. Industry figures, including Gemini’s Tyler Winklevoss, have also voiced concerns about the nomination. “Many in the crypto industry have serious concerns with his nomination,” Winklevoss said last week.

Titus also raised concerns about the CFTC’s handling of Kalshi-related matters, criticizing what she called a lack of transparency. She cited the agency’s decision to cancel a public roundtable on prediction markets and its inaction on prior information requests.

Titus said the CFTC’s actions - ranging from lawsuit settlements involving Kalshi to approvals of competing platforms and closed investigations - require further scrutiny, especially as the agency takes on a larger regulatory role in the crypto and financial derivatives space.