White House Reportedly Delays Senate Vote on Brian Quintenz’s CFTC Nomination

For the second time, the Senate Committee on Agriculture, Nutrition, and Forestry has delayed a vote on confirming Brian Quintenz as the chair of the Commodity Futures Trading Commission (CFTC). 

Donald Trump nominated Quintenz to lead the organization, and the White House has reportedly requested the recent delay. A White House spokesperson said that Quintenz remains Trump’s nominee to lead the CFTC. 

Committee Chair Sen. John Boozman said he had no further details, commenting to Bloomberg: “That’s the only communication we’ve had…and my question was how would you like us to respond, and they said if there were any further questions, to contact the White House.”

The initial vote on Quintenz was postponed and rescheduled to July 28 due to Republican Sen. Cindy Hyde‑Smith’s flight delay. 

Tribes, States, and AGA Question Quintenz Nomination

The White House did not confirm if the delay was a result of a letter submitted last week to Boozman and Committee member Sen. Amy Klobuchar. 

The letter urged the Senators to delay the vote due to concerns that Quintenz has not addressed the rise of sports prediction markets and their infringement on tribal gaming compacts. 

In a previous hearing at the Senate Committee, Quintenz did not indicate that he would slow down the rapid expansion of prediction market platforms, such as Kalshi, where he currently serves as a board member. 

A host of tribal organizations, as well as state and national interest groups, including the American Gaming Association (AGA), endorsed the letter. This followed the submission of briefs by 34 states and over 60 tribal organizations to the Federal Third Circuit Court of Appeals in the case between Kalshi and New Jersey. 

Sports Event Contracts ‘Tantamount to Sports Wagering’

The letter states that, “The vast majority believe sports event contracts are tantamount to sports wagering and, therefore, constitute gaming.”

However, the groups are concerned by Quintenz’s reluctance to initiate a review of the sports markets, which have expanded since Kalshi introduced markets in January of this year. The CFTC canceled a planned meeting to discuss the markets at the end of May and has not rescheduled it. 

The letter goes on to state: “The lack of action by the CFTC means prediction platforms will continue to offer these sports contracts without the important regulatory guardrails provided by state and tribal regulated sports betting.”

It also noted the lack of clarity that Quintenz brought at the Committee hearing last month, stating: “Instead of using his confirmation hearing to provide clarity on this issue, Mr. Quintenz implied that if he is confirmed, the CFTC will continue to do nothing to address gaming contracts. 

“It should be deeply troubling to this Committee that he offered no assurances that the CFTC under his leadership would enforce its own regulations.”

Polymarket Set to Join Kalshi as CFTC-Licensed Platform

As Kalshi has received favorable rulings in court cases challenging its political and sports markets, other companies have seen an opportunity. 

Polymarket is set to join Kalshi as a licensed platform in the US following the acquisition of the CFTC-licensed QCEX last week. 

The platform, which claims to be the world’s largest prediction market site, was fined $1.4 million by the CFTC in 2022 and ordered to close all U.S. accounts. 

Founder Shayne Coplan’s home was raided by the FBI last year over allegations that the site continued to accept US customers, particularly in their presidential election markets. However, the investigation was closed earlier this month, which may have prompted the platform to re-enter the regulated space. 

DraftKings is also considering entering the prediction markets space and has held talks with RailBird, a CFTC-licensed exchange. 

Quintenz’s potential confirmation comes at a pivotal moment as Congress considers a Digital Asset Market Clarity Act, which would give the CFTC federal authority to oversee spot crypto markets and derivative contracts. Delayed confirmation creates regulatory uncertainty ahead of that law’s expected passage by September 30.