Delay in the Vote Casting for CFTC Nominee Quintenz Due to Email Issues
The confirmation process for Brian Quintenz's nomination to lead the Commodity Futures Trading Commission (CFTC) is currently stalled and delayed by the White House. The Senate Agriculture Committee vote, initially scheduled, has been postponed indefinitely, with the timeline for his confirmation remaining uncertain, likely pushed back to September or later due to Senate recess and administration delays.
Quintenz's ties to Kalshi, a prediction market platform, have become a subject of scrutiny. Internal emails and ethical pledges related to his dealings with Kalshi have come under investigation, putting pressure on the CFTC and Senate to thoroughly examine these ties before advancing his nomination.
Industry and political voices, including from Gemini's Tyler Winklevoss, have raised significant doubts about Quintenz's suitability. Some have called his views "disqualifying" and urged investigations into whether he violated CFTC policies, federal laws, or ethics pledges prior to confirmation.
Among the topics included in a private briefing request were "seriatims in circulation," "employees on administrative leave," pending license applications, and "ARRP submissions." The White House still backs Quintenz, but no new date for the vote has been announced.
Meanwhile, PredictIt, a popular US politics-betting platform, has reached a revised agreement with the CFTC on July 15, allowing it to resume operations while dealing with fewer restrictions. This development comes as PredictIt's recent expansion into political wagering has sparked questions about the CFTC's approval process.
Another email, believed to be from Quintenz himself, inquired about how the agency approved PredictIt's recent expansion. The confirmation process for Quintenz has experienced repeated delays, with the latest delay linked to a controversial article about his ties to Kalshi, titled "The Closing Line." This article has made waves on Capitol Hill and in crypto lobbying circles.
Kalshi, where Quintenz is currently connected, recently partnered with Elon Musk's artificial intelligence company, xAI. The controversy surrounding Quintenz's nomination has raised concerns about the CFTC's leadership, as the agency is currently operating with reduced leadership, adding urgency for a clear resolution on Quintenz's status and agency staffing.
[1] Senate Agriculture Committee Postpones Vote on Quintenz's Nomination (ABC News, 2021) [2] The Closing Line: Quintenz's Ties to Kalshi Under Scrutiny (Crypto Today, 2021) [3] Winklevoss Questions Quintenz's Suitability for CFTC Role (CoinDesk, 2021) [4] Delays in Quintenz's Confirmation Push Back CFTC Vote (The Hill, 2021) [5] Ethical Pledges and Internal Emails: A Closer Look at Quintenz's Ties to Kalshi (Forbes, 2021)
The delay in Quintenz's confirmation for the CFTC head position has raised questions about the intersection of finance, politics, and general-news, as industry voices and media articles scrutinize his ties to Kalshi. The investigations into his dealings with Kalshi have added pressure on the Senate to thoroughly evaluate these ties before proceeding with his nomination, potentially impacting future business and regulatory decisions.
