Brian Quintenz, the incoming chair of the Commodity Futures Trading Commission (CFTC), has expressed his stance on sports prediction markets and the regulatory framework governing them. In a 2021 speech to The Federalist Society, Quintenz emphasized that the authority to permit or prohibit event contracts related to sporting event outcomes should rest with Congress, which he described as having accountability to the public, rather than with an unelected CFTC commissioner. This position highlights ongoing debates around the legal status of prediction markets and sports wagering in the United States, amid recent legal challenges such as those involving New Jersey and Kalshi. These developments form part of a broader national discussion on gambling regulation, including the emergence of prediction markets as a potential backdoor to legal sports betting.
Incoming CFTC Chair Brian Quintenz said in a May 2021 speech that the decision whether to allow or prohibit “event contracts” on sporting event outcomes should be made by Congress — which has “accountability” to the public — and not by “an unelected, unaccountable commissioner.” https://t.co/tBeQrmMCac
Incoming CFTC Chair Brian Quintenz said in a 2021 speech that the decision whether to allow event contracts on sporting events should lie with Congress — which has “accountability” to the public — rather than “an unelected, unaccountable commissioner.” https://t.co/tBeQrmMCac
Prediction markets, odd alliances and a backdoor to legal sportsbooks https://t.co/TLHFgzQ5r5