Trump Nominates Brian Quintenz For CFTC Chairman, Kalshi Continues To Push Envelope
Quintenz, who previously served as a commissioner for the CFTC under Trump, also spent time on the board of Kalshi
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Another day, another round of Commodity Futures Trading Commission (CFTC) news, with the big story coming via President Donald Trump, who has nominated Brian Quintenz to become chairman.
“It is my great honor to be nominated by President Trump as the next Chairman of the Commodity Futures Trading Commission, where I had served as a Commissioner in his last administration,” Quintenz said in a statement posted on X. “The CFTC plays a critical role in maintaining robust hedging and price discovery markets that are the envy of the globe. The agency is also well poised to ensure the USA leads the world in blockchain technology and innovation. I look forward to working with President Trump’s incredible financial regulatory team.”
News of Quintenz being nominated was first reported by Bloomberg Tuesday night. Currently serving as acting chairman is Caroline Pham.
Quintez, who served as a commissioner on the board during Trump’s first term as president, was originally tabbed by then-President Barack Obama to serve on the CFTC in 2016. But his nomination wasn’t voted on before the Senate adjourned for the year. Trump originally withdrew the nomination before renominating him.
Quintenz has been serving as the head of policy at Andreessen Horowitz’s a16z crypto.
Notably, after leaving his post with the CFTC in 2021, Quintenz joined the board of the CFTC-registered entity and trading platform Kalshi.
The early returns on X concerning Quintenz’s nomination were positive, especially in the defi, crypto, and prediction market streets.
Kalshi keeps at it
Meanwhile, Kalshi has continued its aggressive, ready-shoot-aim technique of attempting to expand its overall footprint as well as its reach into the world of sports.
On the heels of offering “event contracts” on Super Bowl LIX this past Sunday — looking and functioning awfully similar to traditional sports bets — Kalshi also self-certified a filing this week to offer “achievement” contracts for what are basically yes/no bets on whether athletes will hit certain milestones. Before that, the exchange filed paperwork for the equivalent of outcomes on single games, though it has yet to post those markets on its site as of Wednesday.
The contracts will trade between $0.01 and $0.99 with a $1 notional value.
The newest proposed contracts include strict trading prohibitions, barring current and former players, coaches, league employees, team owners, and their families from participating. Market outcomes will be determined using multiple official sources including the governing sports leagues, ESPN, The Wall Street Journal, and Associated Press.
While the contracts haven’t received formal endorsement from any sports leagues, they represent Kalshi’s latest push into new trading territory that may or may not be authorized under the agency’s current interpretation of the Commodity Exchange Act and relevant regulations.
Kalshi — which counts Donald Trump Jr. as a board member — ignored the CFTC’s directive to take down its Super Bowl market after the agency began its 90-day review period. The review will involve a series of upcoming public roundtable discussions about prediction markets and the rules and regulations governing them.
