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Brian Quintenz's potential confirmation as chair of the U.S. Commodity Futures Trading Commission could significantly alter the regulatory landscape for cryptocurrencies, shifting substantial oversight responsibilities from the SEC to the CFTC under the proposed Digital Asset Market Clarity (CLARITY) Act.
Quintenz, however, has unexpectedly disappeared from the vote roster, according to Lydia Beyoud of Bloomberg.
The reasons behind Quintenz's removal remain unclear as of Tuesday morning, adding to the uncertainty surrounding the future leadership of the CFTC.
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Renowned gaming attorney Daniel 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."
Wallach added: "Unless he answers 'no,' how can any U.S. Senator from a state with legal sports betting (39 total) vote in favor of his confirmation when the CFTC’s filing of such a brief would clearly be in aid of subverting that state’s ability to regulate sports betting within its borders?"
- Chris Costigan, Gambling911.com
