Latest news with #BrianQuintenz
Yahoo
11-06-2025
- Business
- Yahoo
Trump's CFTC Pick Troubles Tribes With Prediction Market Plans
Tribal groups are concerned Kalshi, Robinhood and pose an existential economic threat to them through sports prediction markets—and on Tuesday, it became even more clear the Commodity Futures Trading Commission (CFTC) isn't coming to their rescue. CFTC chairman nominee Brian Quintenz made his pro-market stance apparent while speaking in front of the U.S. Senate Committee on Agriculture, Nutrition and Forestry at a Tuesday confirmation hearing. Quintenz told senators the CFTC has a 'very clear' mandate to permit the sports event futures contracts that financial technology companies have offered nationwide since the start of the year, despite state and tribal objections. More from Yasiel Puig Sports Betting Guilty Plea Overturned by Federal Court Robinhood's Sports Prediction Markets Are a Hook for Wider Play ESPN Bet Faces Make-or-Break Year for $2 Billion Disney-Penn Deal Unless Congress steps in with a new law, Quintenz said, 'I need to abide by the Commodity Exchange Act.' The CFTC's exclusive regulatory authority for sports event contracts under the Commodity Exchange Act is being challenged in court by multiple states; those states, like many tribal groups, call the markets an illegal sports betting equivalent that circumvents state taxes and other regulations. While no tribal group has filed a related lawsuit to date, more than a dozen have petitioned the CFTC to shut down sports prediction markets in their regions. Quintenz, a Kalshi board member, suggested unhappy tribal groups could compete with the new sports prediction markets by launching their own. But gaming exclusivity is the very right tribes are desperate to preserve in states where sportsbook operators such as DraftKings and FanDuel are banned. 'Nothing in the CEA that I'm aware of prohibits or affects the opportunity of tribes to offer those [prediction market products],' Quintenz said in response to a question from Democrat Sen. Adam Schiff of California. President Donald Trump's agency pick said he would 'listen to the concerns of the tribes' raised by Schiff and reschedule a public roundtable discussion canceled without explanation in April by acting chair Caroline Pham. He said he did not have any information about why the original discussion was nixed. 'We respect Tribal Nations and their inherent sovereignty,' a Kalshi spokesperson wrote in an email after Quintenz's hearing. 'The Commodity Exchange Act does not restrict Tribes from engaging in gaming activities on their reservations or within the states where they operate, consistent with applicable laws. We have had productive conversations with several Tribes and are hopeful to build collaborative partnerships in the future.' Amid conflict-of-interest concerns given his Kalshi ties, Quintenz wrote in a pre-hearing letter to the CFTC that he would step down from the company's board and divest stock upon being confirmed to lead the federal agency. He said he would recuse himself from matters involving Kalshi. In Tuesday's hearing, Quintenz told U.S. Sen. Amy Klobuchar (D-Minn.) that the CFTC would appoint a 'screener' in his office 'to make sure no matter inappropriately comes before me.' The current makeup of the CFTC strains the logic of his proposed strategy. If confirmed by the Senate, Quintenz would be the only commissioner at the CFTC, with the four other slots unfilled after a spate of resignations and retirements. It is unclear, then, who else right now could regulate the rise of Kalshi and similar companies that offer sports event futures. Departing commissioner Christy Goldsmith Romero, a Democrat, last month called the pending one-person CFTC leadership structure 'a disservice to regulation.' But Quintenz said several times in his hearing that he would not explicitly urge the president to nominate candidates from both political parties to be CFTC commissioners in accordance with agency rules—or ask that empty agency spots be filled at all. 'I don't tell the president what to do,' Quintenz said to U.S. Sen. Raphael Warnock (D-Ga.). Interim CFTC chair Pham has not taken a vocal stance on sports prediction markets since being named to the post in January. The agency has been hands-off toward Kalshi and other exchanges—a full turn from how things went during Joe Biden's presidency when the agency fought Kalshi in court over its election contracts. It dropped an appeal in the Kalshi election contract case after Pham took over for Biden-era CFTC chair Rostin Behnam. Quintenz has long argued that sports event contracts are a legitimate financial hedging tool that provide an opportunity for 'risk management, price discovery and price dissemination.' His claims date back to his stint as a CFTC commissioner from 2017-2021. During Tuesday's hearing, Quintenz repeated many of his talking points from a 2021 speech to the Federalist Society in which he said the CFTC has no right to inhibit sports prediction markets under the Commodity Exchange Act. The U.S. Senate Committee on Agriculture, Nutrition and Forestry will vote on whether to recommend Quintenz for full Senate approval. Then, the Senate will hold a final vote on Quintenz's nomination. Best of Most Expensive Sports Memorabilia and Collectibles in History The 100 Most Valuable Sports Teams in the World NFL Private Equity Ownership Rules: PE Can Now Own Stakes in Teams
Yahoo
10-06-2025
- Business
- Yahoo
Trump's Pick to Run CFTC Touts Work in Crypto to Lawmakers
(Bloomberg) -- Brian Quintenz, President Donald Trump's pick to lead the US Commodity Futures Trading Commission, told lawmakers he is uniquely qualified to head the derivatives regulator as Congress considers giving it more authority over digital assets. Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Mayoral Candidates All Agree on Building More Housing. But Where? NY Long Island Rail Service Resumes After Grand Central Fire Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems The crypto lobbyist and former CFTC commissioner said he is well versed in not just the policy issues that affect farmers and ranchers using futures to hedge price risks but also emerging technologies like blockchain and cryptocurrency. 'Congress should create an appropriate market regulatory regime to ensure that this technology's full promise can be realized, and I am fully prepared to use my experience and expertise to assist in that effort as well in executing any expanded mission should legislation pass into law,' he told lawmakers. The CFTC oversees the multitrillion-dollar derivatives market, financial products that help businesses hedge against price swings in everything from corn to cocoa to foreign currency. The agency's powers could expand if Congress passes legislation to regulate the crypto market, with the CFTC potentially overseeing what's called spot markets for Bitcoin and other digital assets that don't qualify as securities. A House bill calls on the CFTC to work with the US Securities and Exchange Commission on joint rulemaking to hash out details. 'As Congress considers new spot market regulatory authority over the crypto asset markets, I am fully prepared to provide the benefit of this experience to the members of this committee and to Congress as a whole,' he said. Quintenz served as a CFTC commissioner from 2017 to 2021. His career after departing the agency has focused on two industries — crypto and predictions markets. He is global head of crypto policy at a16z, the crypto arm of venture capital fund Andreessen Horowitz, and will resign if confirmed, according to ethics disclosures. He faced questions on Tuesday about his ability to police the prediction markets given his seat on the board of a company that waged a long-running legal battle with the agency. 'I hope you can appreciate that there will be some real questions to your independence in that role,' Senator Cory Booker said at the hearing. 'I can certainly understand,' Quintenz said, who currently serves on the board of directors of Kalshi Inc., the prediction markets platform that lets users place bets on topics as diverse as the winner of the French Open and whether Sabrina Carpenter will have a No. 1 hit this year. If confirmed, Quintenz said he will resign from the firm. Kalshi and the CFTC have clashed over the legality of allowing Americans to bet on the outcomes of elections, but the agency in May asked a court to settle its fight with the firm. Quintenz said he would recuse himself for a year on matters related to Kalshi if he is confirmed. He also said he would bow out of matters relating to Andreessen Horowitz Capital Management or its funds for two years unless he receives a waiver. Quintenz is set to helm an agency in upheaval. Two commissioners departed at the end of May and the two remaining — Acting Chairman Caroline Pham and Commissioner Kristin Johnson — are planning their exits. The regulator is also dealing with the fallout from being forced to drop a high-profile fraud case against an online trading platform. --With assistance from Lydia Beyoud. (Updates with additional details beginning in seventh paragraph.) New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
10-06-2025
- Business
- CNBC
Trump's CFTC pick calls for comprehensive crypto rules in nomination hearing: CNBC Crypto World
On today's episode of CNBC Crypto World, major cryptocurrencies climb as investors wait for more insight on trade discussions between the U.S. and China. Plus, Brian Quintenz, President Trump's pick to lead the U.S. Commodity Futures Trading Commission, prepares to testify before the Senate. And, Matt Hougan, Bitwise Asset Management CIO, discusses the launch of the asset manager's new GameStop-focused covered call ETF.
Yahoo
10-06-2025
- Business
- Yahoo
Trump's Pick to Run CFTC Touts His Career in Crypto to Lawmakers
(Bloomberg) -- Brian Quintenz, President Donald Trump's pick to lead the US Commodity Futures Trading Commission, plans to tell lawmakers he is uniquely qualified to head the derivatives regulator as Congress considers giving it more authority over digital assets Next Stop: Rancho Cucamonga! Trump Said He Fired the National Portrait Gallery Director. She's Still There. Where Public Transit Systems Are Bouncing Back Around the World NYC Mayoral Candidates All Agree on Building More Housing. But Where? US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The crypto lobbyist and former CFTC commissioner will say he is well versed in not just the policy issues that affect farmers and ranchers using futures to hedge price risks but also emerging technologies like blockchain and cryptocurrency. 'Congress should create an appropriate market regulatory regime to ensure that this technology's full promise can be realized, and I am fully prepared to use my experience and expertise to assist in that effort as well in executing any expanded mission should legislation pass into law,' he said in prepared remarks for a Senate confirmation hearing Tuesday. The CFTC oversees the multitrillion-dollar derivatives market, financial products that help businesses hedge against price swings in everything from corn to cocoa to foreign currency. The agency's powers could expand if Congress passes legislation to regulate the crypto market, with the CFTC potentially overseeing what's called spot markets for Bitcoin and other digital assets that don't qualify as securities. A House bill calls on the CFTC to work with the US Securities and Exchange Commission on joint rulemaking to hash out details. 'As Congress considers new spot market regulatory authority over the crypto asset markets, I am fully prepared to provide the benefit of this experience to the members of this committee and to Congress as a whole,' he said. Quintenz served as a CFTC commissioner from 2017 to 2021. His career after departing the agency has focused on two industries — crypto and predictions markets. He is global head of crypto policy at a16z, the crypto arm of venture capital fund Andreessen Horowitz, and will resign if confirmed, according to ethics disclosures. He also plans to step down from the board of directors of Kalshi Inc., the prediction markets platform that lets users place bets on topics as diverse as the winner of the French Open and whether Sabrina Carpenter will have a No. 1 hit this year. Kalshi and the CFTC clashed over the legality of allowing Americans to bet on the outcomes of elections, but the agency in May asked a court to settle its fight with the firm. Quintenz said he would recuse himself for a year on matters related to Kalshi if he is confirmed. He also said he would bow out of matters relating to Andreessen Horowitz Capital Management or its funds for two years unless he receives a waiver. If confirmed, Quintenz will helm an agency in upheaval. Two commissioners departed at the end of May and the two remaining — Acting Chairman Caroline Pham and Commissioner Kristin Johnson — are planning their exits. The regulator is also dealing with the fallout from being forced to drop a high-profile fraud case against an online trading platform. --With assistance from Lydia Beyoud. New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling What America's Pizza Economy Is Telling Us About the Real One Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
10-06-2025
- Business
- Reuters
Trump nominee to lead US commodities regulator to face Senate scrutiny
NEW YORK, June 10 (Reuters) - Brian Quintenz, President Donald Trump's nominee to lead the U.S. Commodity Futures Trading Commission, will face questions from lawmakers on Tuesday as they weigh whether he should run an agency poised to take on more oversight of cryptocurrency and prediction markets. Quintenz, a Republican who was previously a commissioner at the agency he would now chair, is expected to face scrutiny over his ties to industries he would oversee. Since leaving government in 2021, he had been working with a16z crypto, the crypto arm of Andreessen Horowitz, most recently as head of crypto policy. He is also a Director on the board of KalshiEx, a prediction market exchange that until recently was embroiled in litigation with the CFTC. Quintenz has pledged to divest all KalshiEx stock if he joins the CFTC, according to his financial disclosures. He is also on the board of the Crypto Council for Innovation, the disclosures show. Quintenz did not respond immediately to a request for comment, but in prepared remarks he said his work for Andreessen Horowitz's crypto funds has given him "invaluable insights". "Congress should create an appropriate market regulatory regime to ensure that this technology's full promise can be realized," he said. "I am fully prepared to use my experience and expertise to assist in that effort as well in executing any expanded mission should legislation pass into law." The CFTC, which oversees derivatives markets, is likely to play a more prominent role as Trump's administration looks to overhaul crypto regulations, with an eye towards giving the CFTC more authority to police digital assets. The sector has argued that existing rules are not appropriate for crypto, and that most cryptocurrencies should be treated as commodities. Trump courted crypto cash with promises to be a "crypto president", and in office has made a number of overtures to the industry. His family is also building a crypto enterprise.
