CFTC Chair Nominee Expected to Be Approved Within Next Month

Any hope that opposition to the White House’s nominee to take over the Commodity Futures Trading Commission (CFTC) came to an end this week.

The Senate Agriculture Committee was set to vote on Briant Quintez’s nomination this week, but it was mysteriously taken off the agenda shortly before it was set to begin. Questions swirled around the reasons for the delay, but the committee confirmed that it was due to a flight delay for one of its members. His absence left Republicans one vote short of approving the nominee.

While the committee’s recess is scheduled for next month, they plan to convene at least one more time before then to conduct the vote. With Republican committee members prepared to back President Trump’s handpicked candidate, Quintez’s approval seems to be all but guaranteed.

Quintez has deep ties to sports prediction markets and has shown his support for the industry during committee hearings. This has led Democrats to attack his stances and form a coalition of tribes, sportsbooks, and state lawmakers from both parties to oppose this nomination. 

Some hoped the growing resistance would lead Republican members of the committee to reconsider their support. If the reports around the vote are accurate, it appears that hope has been dashed.

Has the Dam Already Broken for Prediction Markets?

Lawsuits over the legal status of sports prediction markets rage on; they may be fighting a battle that has already been decided.

The CFTC has recently licensed several new sports prediction market operators, indicating that the market is poised for significant growth in the coming months. The country’s two top online sportsbook operators have both been working to enter the emerging industry, showing they believe these controversial platforms are here to stay.

Aside from an increasingly interesting court battle in Maryland, most judges have ruled that the CFTC is the sole regulator of sports prediction markets. That means the 36 states actively opposing the industry will have no authority to ban it within their borders.

While opponents of the growing industry continue to fight, it seems the cause may already be lost.