Is Brian Quintenz fit to lead the Commodity Futures Trading Commission (CFTC)? A coalition of gaming industry interests recently sent a letter to the Senate Committee on Agriculture, Nutrition and Forestry suggesting, in very strong words, that Quintenz is not a good choice to fill that position.
The letter, was signed by the American Gaming Association (AGA), the Indian Gaming Association (IGA), the National Congress of American Indians (NCAI) and the National Council of Problem Gambling (NCPG), and representatives from more than 17 Indian tribes, and dozen other gaming companies, is a strongly worded argument against Quintenz.
These representatives of the regulated gaming industry believe that Quintenz will allow predictions markets to operate as unlicensed sportsbooks. Although Quintenz said in a recent nomination hearing that he believes the law is very clear on what events markets can and cannot do, the gaming industry is not convinced and wants more information.
“Mr. Quintenz indicated he would follow his own interpretation of the CEA with regard to event contracts, side-stepped the applicability of current regulatory prohibitions, and would not commit to reviewing sports event contracts. We respectfully request that the Committee require the nominee to fully address the concerns raised at the hearing and commit to upholding and enforcing applicable CFTC regulations before moving forward with his nomination,” the combined group stated.
Quintenz comes into his nomination with what seems like a bias in favor of prediction markets. He is the former board member at Kalshi and is close friends with Donald Trump Jr., the US President’s son. Quintenz has said that he would divest his holdings in Kalshi and recuse himself for one year from dealing with the company’s business if his nomination goes through.