President Donald Trump’s nomination for the Commodity Futures Trading Commission (CFTC) could bode well for the event contract industry.
On Wednesday, Brian Quintenz announced on X that he had been tapped by the administration to run the organization, pending Congressional confirmation.
“It is my great honor to be nominated by President Donald Trump as the next Chairman of the Commodity Futures Trading Commission, where I had served as a Commissioner in his last administration. The CFTC plays a critical role in maintaining robust hedging and price discovery,” Quintenz wrote.
President Barack Obama initially appointed Quintenz as commissioner in 2016 but Congress failed to approve the nomination before Obama exited office. Trump re-nominated Quintenz in 2017 and he served in the role until August 2021.
When Quintenz hasn’t served in public office, he has worked with different investment firms including Hill-Townsend Capital and Saeculum Capital Management, which he founded in 2013. In 2022, he joined Andreessen Horowitz as the global head of policy for its crypto venture firm.
Considered a crypto expert, Quintenz also served as an advisor for Crypto.com from 2021-2022. In 2021 he was also appointed to the board of event contract site Kalshi, a role he currently still holds.
Kalshi and the CFTC were at odds towards the tail end of the Biden administration when Kalshi began offering event contracts on the presidential election. The disagreement ended up in court and currently rests with the Court of Appeals, which heard oral arguments on the case last month.
Since Trump has taken office, many of the people involved in that case have left the CFTC. Acting Chair Caroline Pham is known for authoring an opinion that event contracts should broaden scope.
Pham posted on LinkedIn congratulating Quintenz on his nomination.
“I congratulate my friend Brian Quintenz on his nomination for CFTC Chairman. I worked with Brian on important initiatives that he led to success as a CFTC commissioner. He will do the same for crypto and innovation. I look forward to supporting Brian and his leadership at the CFTC, and continuing to deliver on the Administration’s agenda to promote economic growth and American competitiveness,” she wrote.
The nomination still needs approval of Congress. It comes at a time when Kalshi continues to expand into sports contracts, which have not generated nearly the popularity of election contracts.
It also comes at a time that casino operators are starting to raise an eyebrow at the event contract industry. This month, BetMGM CEO Adam Greenblatt called on the federal government to look into election contracts and suggested election wagering should be something available to sportsbooks as well.
