Brian Quintenz, the former commissioner of the Commodity Futures Trading Commission (CFTC) and a previous nominee for its chair, has been appointed as a senior adviser to the Coalition for Prediction Markets (CPM). This organization is supported by notable firms such as Kalshi, Coinbase, Crypto.com, and Robinhood.
The addition of Quintenz brings further expertise to the lobbying efforts of the CPM, which aims to gain broader acceptance for prediction markets amidst ongoing regulatory challenges at the state level.
CPM announced his appointment on Wednesday, emphasizing that it comprises members committed to adhering to regulations while advocating for market-specific rules. Quintenz stated, “Effective regulation fosters robust innovation, which is not limited to any single company.”
He joins other influential figures in the coalition, including former House Financial Services Committee Chairman Patrick McHenry and President Sean Patrick Maloney, a former Democratic Congressman.
Quintenz’s new role follows his unsuccessful attempt to become CFTC chairman last year. His nomination was withdrawn amid concerns regarding potential conflicts of interest due to his connections with the prediction market and cryptocurrency sectors. Although he pledged to resign from Kalshi to avoid such conflicts, scrutiny from lawmakers led to the eventual withdrawal of his nomination by President Trump.
In a controversial turn of events, Quintenz claimed that the Winklevoss twins, co-founders of the cryptocurrency exchange Gemini, had influenced his nomination’s withdrawal by lobbying against him. He publicly shared private messages with Tyler Winklevoss, revealing attempts to secure assurances regarding the CFTC's previous settlements with Gemini. The Winklevoss brothers have denied these allegations.