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Brian D. Quintenz, Donald Trump’s nominee for Chairman of the US Commodity Futures Trading Commission (CFTC), has pledged to resign from his current roles, including serving on the board of prediction market platform Kalshi, and divest his financial interests in his former employers.Top Crypto Casino in Saudi Arabia – BitStarz Ranked #1

The pledge is part of Quinentz’s ethics agreement, which he submitted to the US Office of Government Ethics on May 21 as part of the nomination process. The next step in the process is a Senate confirmation hearing, which has not yet been scheduled.

Quintenz served as the Chair of the CFTC between 2017 and 2021 during President Trump’s first term. Unsurprisingly, the president has nominated him again.

If confirmed as CFTC Chair, he will lead a federal agency with policy initiatives directly tied to his current interests, including event contracts (Kalshi) and digital assets (AH Capital Management).

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Quintenz has pledged to resign from all positions that could pose a conflict of interest, including KalshiEx (Kalshi), AH Capital Management (commonly known as Andreessen Horowitz), and Next Level Derivatives.

In the letter, the nominee states that he has already resigned from the Crypto Council for Innovation and will also resign from Remember Those in Prison, both nonprofit entities.

Quintentz will also divest all equity holdings, carried interest, and stock options within 90 days of confirmation. He adds that where applicable, he may seek a Certificate of Divestiture.

He also commits to recusing himself from matters involving those entities until divestiture is complete. 

After completion, the CFTC Chair nominee will recuse himself on matters involving former employers, including Kalshi, for one year. In the AH Capital case, that period will be two years.

Furthermore, Quintenz will remain a trustee without compensation of family trusts, but will recuse himself from decisions that could raise conflicts.

He will also undergo ethics training within 15 days of taking office and certify compliance within 90 days.

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The CFTC Chair nominee’s ethics disclosure should alleviate concerns about potential conflicts of interest.

However, his recusal for one year from matters related to Kalshi could also help the prediction market platform. Kalshi lets users bet on various event outcomes, such as whether egg prices will rise or how much it will rain in New York next month.

However, the platform has been involved in legal conflicts over allowing betting on political matters, such as election results. It also provides sports-related events, which have raised questions about whether that constitutes unregulated sports betting.

In July 2023, Kalshi filed a request with the CFTC to offer election market predictions. The agency, which regulates the US derivatives market, including futures, swaps, and options, denied that request. What followed was a nearly two-year legal battle.

In September 2024, the District Court of Columbia sided with Kalshi, and an appellate court denied CFTC’s appeal. However, it allowed the relitigation if the agency found new arguments. Coincidentally or not, after Pres. Trump came into office and nominated Quintentz, CFTC dropped its appeal, clearing the way for Kalshi to offer political contracts.

Kalshi has been involved in legal battles with several states, such as Maryland, regarding sports predictions. However, as Kalshi’s business falls under the CFTC’s jurisdiction, the agency has the authority to decide on the matter. 

So far, the agency hasn’t acted, even after urging from Tennessee. That has enabled Kalshi to grow the segment, which now accounts for the majority of its business.

A confirmation for Quintentz and his recusal for a year could mean that the agency’s inaction will likely continue. For context, all current CFTC commissioners have either left or are planning to resign, paving the way for Kalshi to continue offering sports contracts without regulatory oversight.