Waiting On A Friend: Vote To Confirm Brian Quintenz As CFTC Chair Delayed

Written By:   Author Thumbnail Marcus DiNitto
Author Thumbnail Marcus DiNitto
Marcus DiNitto is a writer, editor and entrepreneur based in Charlotte, North Carolina. He has covered sports business, gambling and finance since 1998 for a variety of media outlets including Sports Business Journal, Th...
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The Senate Committee on Agriculture, Nutrition, and Forestry’s vote to confirm Brian Quintenz as chairman of the Commodity Futures Trading Commission, originally scheduled for Monday evening, was pushed back by Senate Republicans.

The move was an act of political maneuvering, and Quintenz’s confirmation is still likely. He’s indicated that, if confirmed, he’ll allow prediction markets to continue to offer sports event contracts, in opposition of multiple states, Native American tribes and gambling organizations.

With Democrat committee members set to vote against Quintenz, Republicans believed they needed all their members present to confirm his nomination, and Sen. Cindy Hyde-Smith’s (R-MS) flight was delayed, according to Bloomberg News.

“We will need all 12 Republicans to be present to advance the nomination because it became clear it will be a party-line vote,” a Republican spokesperson told InGame.

The vote will occur before Congress’ August recess, committee chair John Boozman (R-AR) said, and it could happen as soon as Wednesday, July 23.

A prediction markets-friendly CFTC

Quintenz is inclined to give prediction markets free rein and allow them to continue to offer sports event contracts, which many gambling industry observers equate to sports wagering.

“Nothing in the [Commodity Exchange Act] that I’m aware of prohibits or affects the opportunity of tribes to offer those products, those markets and those services,” Quintenz said during his confirmation hearing on June 10.

Kalshi, one of the companies leading prediction markets’ charge into sports, is battling multiple states, which contend the companies are circumventing sports betting regulation and taxation.

Quintenz is a board member at Kalshi and was a CFTC commissioner during Trump’s first term. He said he’ll resign from the Kalshi board if confirmed.

Donald Trump Jr., the President’s son, is a strategic advisor to Kalshi, another close connection between the company and the administration.

Related: QCX Acquisition Clears Way For Polymarket’s US Re-Entry | CFTC Continues To Smooth Road For Prediction Markets

Gambling industry opposition to Quintenz

Numerous gaming and tribal organizations sent a letter last week to Sen. Boozman and Amy Klobuchar (D-MN), the Agriculture Committee’s ranking member, urging them to hold Quintenz’s feet to the fire before he is confirmed as CFTC head.

“During his confirmation hearing before the Committee on June 10, Mr. Quintenz failed to provide meaningful clarity on the controversial issue of sports event contracts,” the letter reads (h/t SBC Americas).

Among its signees: American Gaming Association, Indian Gaming Association, National Congress of American Indians, National Council of Problem Gambling, casino associations of New Jersey and Indiana, Nevada Resort Association, and several state-based tribal organizations.

“The CFTC has not executed a review of these contracts or taken any action despite existing regulations requiring the agency to prohibit any contracts that fall under the enumerated categories,” the letter continues. 

“… we urge the Committee not to advance Mr. Quintenz’s nomination until he has committed to initiate a CFTC review of these contracts if he is confirmed.”

Quintenz in Kalshi’s corner

While Kalshi won preliminary injunctions to halt cease-and-desist orders in both Nevada and New Jersey, a similar case is pending in Maryland, where there are signals of a victory for the state.

The crux of the issue is whether sports event contracts constitute financial instruments that can be used as economic hedges. In contrast to the agency’s past stance, the CFTC now attests they are indeed tied to economic consequences, but Judge Adam Abelson of the US District Court in Maryland has expressed skepticism about this argument.

A recent ruling by the US Court of Appeals for the Fourth Circuit upholding West Virginia’s ban on abortion drug mifepristone despite the FDA’s approval could also be pivotal in the Maryland case, as it pits state regulation against federal oversight.

Meanwhile, 34 states, plus organizations representing every Native American tribe in the US, signed amicus briefs supporting New Jersey’s appeal of the preliminary injunction granted to Kalshi.

During his confirmation hearing last month, Quintenz suggested that, as CFTC chair, he’d be obligated to defend prediction markets against legal challenges from states. 

Those challenges are mounting.

Cuts at CFTC

In related news, President Trump’s slashing of federal agencies has hit the CFTC, as more than two dozen CFTC staffers are expected to be laid off, Reuters reported.

This is in addition to staff reductions through recent voluntary resignations.

In FY 2025, there were 636 full-time equivalent staff positions at the agency.

About The Author
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Marcus DiNitto
Marcus DiNitto is a writer, editor and entrepreneur based in Charlotte, North Carolina. He has covered sports business, gambling and finance since 1998 for a variety of media outlets including Sports Business Journal, The Business Journals. Sporting News and Gaming Today.