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by ghufran_syed
1299 days ago
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So the guy the administration fired is somehow also the guy to make the current CFTC do what he wants? I’m sure he knows the rules and institutional concerns of the CFTC, but why would he have undue influence over the person who replaced him? |
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Unfortunately, this seems to be endemic of American politics and government organizations.
In Kalshi's case, Brian Quintenz aside, let's talk about Jeff Bandman, who spent close to 3 years at the CFTC.[1] Well, after doing so, he became a regulatory strategy advisor for Kalshi.
Here I quote a Bloomberg article[2] on Kalshi from earlier this year:
"Eventually they tracked down a former CFTC official, Jeff Bandman, who assured them the landscape was changing; he agreed to help them navigate the agency and its characters."
So yeah, I'll concede that there are a few un-generous assumptions that need to be made to fully paint Kalshi as a bad actor in this situation, but given the various pieces of context available, I don't feel it's an overstep to call behavior like this out.
Ultimately Kalshi is set to be a unicorn startup, and I wish the founders success in their endeavors—they appear to be exceptionally bright and hard working individuals—but what appears to have transpired for them to have their shot doesn't sit right with me.
[1] https://www.linkedin.com/in/jeffbandman/
[2] https://www.bloomberg.com/news/features/2022-05-26/kalshi-s-...
Archive link as the original has a paywall:
https://archive.ph/20220527010753/https://www.bloomberg.com/...