As the gaming industry waits to see how the lawsuits around prediction markets play out, the confirmation hearing for the incoming chair of the US Commodities Futures Trading Commission (CFTC), Brian Quintenz, is scheduled for June 10.
Earlier this year, US president Donald Trump nominated Quintenz, who served in the position during Trump’s first presidential term.
The confirmation hearing comes as the CFTC is in the mix of an ongoing battle between state gaming regulators and prediction market platforms, with both looking to the Commission for its position on sports event contracts and whether it equates to sports betting.
In the lawsuits in New Jersey, Nevada and Maryland, prediction market platform Kalshi argues that its sports event contracts are no different than other trading platforms and thus under the regulatory purview of the CFTC and do not require sports betting licences on a state level.
Quintenz is currently on the board of directors for Kalshi and has a financial stake in the platform but has said he will relinquish both should he be confirmed to head the CFTC.
Source: Fantini's Gaming Report
