Nomination of CFTC Candidate Quintenz Halted by Pending Email Issues
In the heart of Washington, internal emails involving Brian Quintenz, President Donald Trump's nominee to lead the Commodity Futures Trading Commission (CFTC), have raised eyebrows. These emails, made public by The Closing Line newsletter, have sparked intense scrutiny amid delays over Quintenz’s nomination for CFTC chair.
The emails centre around sensitive topics, including "seriatims in circulation" (non-discussed commissioner votes), employees on administrative leave, pending license applications, and ARRP submissions (agency restructuring or downsizing proposals). One of these emails, believed to be from Quintenz himself, inquired about how the agency approved PredictIt’s recent expansion into political wagering.
Quintenz’s ties to Kalshi, a prediction market platform regulated by the CFTC, have also come under scrutiny. The platform, which reached a revised agreement with the CFTC on July 15, allowing it to resume operations while dealing with fewer restrictions, recently hired Donald Trump Jr. as an advisor. This hiring, along with Quintenz’s ongoing ties to Kalshi, has raised concerns about potential conflicts of interest.
Senator Cory Booker expressed his concerns during Quintenz's nomination hearing last month. The controversy surrounding Quintenz's nomination has been intensified by the timing of the Senate Agriculture Committee's decision to postpone the vote, happening just two days after The Closing Line report went live. The Committee pulled its scheduled vote on Quintenz’s nomination two hours before it was set to begin, but the reason for this remains unclear.
The White House still backs Quintenz, but no new date for the vote has been announced. Quintenz has promised to resign from Kalshi’s board and sell his shares if confirmed. However, at the time of these disclosures, he had not done so.
Kevin Webb, expected to serve as Quintenz's chief of staff, requested a private briefing for Quintenz on these sensitive topics. The emails made public by The Closing Line also include a request for a private briefing on employees on administrative leave.
These revelations have made waves on Capitol Hill and in crypto lobbying circles. Eleanor Terrett, a crypto commentator, posted on X that the piece was "making the rounds on the Hill and in crypto lobbying circles." As the situation unfolds, it remains to be seen how this controversy will impact Quintenz's path to becoming CFTC chair.
Sources: 1. The Closing Line newsletter 2. Reuters 3. Bloomberg 4. CoinDesk 5. Politico
The intensifying scrutiny over Brian Quintenz's nomination for CFTC chair has expanded beyond his ties to Kalshi to include policy-and-legislation matters, with emails revealing private briefings requested on topics such as seriatims in circulation, pending license applications, ARRP submissions, and employees on administrative leave. The ongoing controversy, fuelled by politics and general-news reports, is shaking up Capitol Hill and crypto lobbying circles, as questions about potential conflicts of interest continue to mount.
