Trump Nominates Kalshi Board Member Brian Quintenz as CFTC Chair

The future of prediction markets in America seems brighter as President Donald Trump nominated a Kalshi board member to chair the Commodities Futures Trading Commission (CFTC). Prediction markets have so far experienced certain headwinds in the USA despite the growing demand for such products.

Quintenz Feels Honored to Be Nominated as CFTC Chair

The chair nominee is Brian Quintenz, a former CFTC commissioner who was originally nominated to become a member by Obama but only joined a year later after he was re-nominated by Trump. Quintenz is also notably a board member of Kalshi, an up-and-coming prediction market that has been steadily gaining traction.

In addition to that, Quintenz has served venture capital firm Andreessen Horowitz as head of global cryptocurrency public policy. His ties to the blockchain sector align with the pro-crypto stance of the Trump administration.

Quintenz commented on his nomination on X, saying that he feels honored to have President Trump’s trust. He emphasized the CFTC’s importance to maintaining robust hedging and price discovery.

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.

Brian Quintenz

Kalshi Reinforces Its Political Ties

As chair of the CFTC and board member of Kalshi, Quintenz might play a key role in solving some of the company’s woes and creating a better environment for trading markets. His nomination comes shortly after Kalshi welcomed Donald Trump Jr., giving him and advisory role.

The latest developments have significantly reinforced Kalshi’s standing, providing it with a firm political foothold that would only be cemented if Quintenz is appointed as CFTC chair.

Speaking of which, the appointment must now be approved by the Senate. However, considering that it is currently controlled by the Republican Party, Quintenz has a very high chance of succeeding Rostin Behnam who served as chair until January 20, 2025, and replacing acting chair Caroline Pham.

A Threat to Sports Betting?

Unfortunately, what’s new good for prediction markets is bad news for more traditional gaming operators who already have to deal with the proliferation of grey area products, such as skill games and sweepstakes.

Sportsbooks in particular have been increasingly concerned about prediction markets because of the inherent similarities between the two. However, where sports betting operators need to operate under stringent regulatory frameworks that vary from state to state, prediction markets fall under the jurisdiction of the CFTC and can access all 50 states.