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Brian Quintenz, the nominee for the chairmanship of the Commodity Futures Trading Commission (CFTC) under the Trump administration, was unexpectedly yanked from the vote roster on Monday due to apparent Democratic opposition. That has yet to prevent most of President Donald Trump's nominees for key cabinet positions from being pushed through. At least one Republican reportedly had a delayed flight coming into Washington and could not vote.
Renowned gaming attorney Daniel Wallach was not exactly convinced.
"This is a very different narrative than the one currently being paraded by self-interested parties."
This sudden development has sparked speculation and concern within the regulatory community and the broader financial sector. The price of Bitcoin was up around 2 percent to $119,304 at Noon ET Tuesday.
Quintenz, who had been widely anticipated to take the helm of the CFTC, was seen as a key figure in shaping the regulatory landscape for derivatives, commodities, crypto and gambling prediction markets.
Wallach noted the pertinent question that needed to be addressed as it pertained to prediction markets, ahead of Monday's since canceled hearing.
"Question to ask Brian Quintenz prior to the Senate confirmation vote — whether he has plans to authorize the CFTC to file a CA3 amicus brief in support of Kalshi — all but telegraphed by Kalshi’s recent request for a multi-week extension in an expedited appeal. Brief due 7/31."
- Chris Costigan, Gambling911.com Publisher
