US President Donald Trump nominated Brian Quintenz to lead the Commodity Futures Trading Commission, subject to confirmation. Quintenz previously served as a CFTC commissioner from 2017 to 2021 and sits on Kalshi’s board; he said he would leave positions that could create conflicts if appointed.
Quintenz’s nomination could affect oversight of Kalshi and other prediction market platforms if he is confirmed.
The day’s most important stories, free. One email a day.
A Reuters/Ipsos poll found that most US adults oppose prediction-market bets on elections and government decisions. The online survey of 4,506 adults, conducted from 30 September to 5 October, found 63% opposed bets on executive announcements and decisions; 69% of Democratic voters and 61% of Republican voters opposed election bets.
Kalshi reportedly opened an investigation into three trades placed before Donald Trump announced Katie Zacharia as White House press secretary. The trades totalled $173 and had potential payouts of more than $9,600, but no evidence has been disclosed showing that the traders used confidential information.
The CFTC’s Division of Market Oversight issued guidance on 22 September for US prediction-market contracts tied to individuals’ words or actions. The agency said exchanges should assess possible outside influences, independent verification and surveillance before listing these contracts, while noting the guidance explains existing obligations rather than adding new ones.
Kalshi permanently banned former US congressman George Santos and imposed a $71,356 penalty. The platform alleged he traded using non-public information and made misleading statements about whether he would attend Donald Trump's February address to Congress. Santos thanked Kalshi for excluding him and questioned the platform's future.
The CFTC fined Gabriel Perez, President Donald Trump’s former teleprompter, $65,000 for betting on Trump’s speech content through Kalshi. Perez must also surrender approximately $100,000 in trading profits and serve a three-year trading ban.