Former CFTC Commissioner Brian Quintenz has become the latest member of the Coalition for Prediction Markets lobbyist group. On Wednesday, the CPM announced the partnership with the current Kalshi board member, stating that Quintenz will now bring his “expertise to the fight for transparent, accessible, and regulated prediction markets.”
An MBA graduate from Georgetown University’s McDonough School of Business, Brian Quintenz has extensive experience in blockchain technology, Web 3.0 applications, and decentralized finance. His appointment as a senior adviser to CPM is expected to further enhance the trade group’s footprint as it relates to prediction market regulation and digital asset adoption.
Prediction market proponents have enlisted the services of multiple powerful and influential individuals to lobby on their behalf. The Coalition for Prediction Markets team now includes:
The other side of the prediction market battle, led by opponents who believe event contracts related to sports outcomes are gambling, includes an equally impressive lineup of competent talent:
Prediction market platforms and sitting CFTC Chairman Mike Selig argue that event contracts are derivative products exclusively regulated by the federal agency, therefore making them immune to the application of state gambling laws. Opponents of apps like Kalshi, Polymarket, and Crypto.com maintain that sports-related event contracts should be categorized as gambling and regulated by state gaming authorities.
Kalshi is a CFTC-regulated prediction market platform that offers event contracts on sports, politics, entertainment, global affairs, and digital asset outcomes. Its complete product line is available in 48 states, but the exchange faces geoblock mandates in Michigan and Nevada.
Polymarket, on the other hand, is an international exchange that offers similar event contracts sans federal regulation. To access Polymarket’s international exchange, users in the United States must remotely connect through a Virtual Private Network (VPN). Both Kalshi and Polymarket accept customers who are at least 18 years of age.
Novig is a newcomer to the federally regulated prediction market space. With an anticipated full rollout later this summer, Novig restricts its platform to users who are 21+ and only hosts sports-related markets. DraftKings, FanDuel, and Fanatics are state-licensed sportsbooks that have created separate prediction platforms that may eventually compete on a nationwide scale with Kalshi and Novig.
Due to increased tax levies for online sportsbooks in several states, some industry observers speculate that DraftKings Exchange, FanDuel Predicts, and Fanatics Markets could open their virtual doors and simultaneously close sportsbook operations in jurisdictions such as Ohio and North Carolina. However, a decisive ruling on the fate of prediction market exchanges isn’t expected until one or more of the cases are brought before the Supreme Court in 2027 or 2028.
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