Report: Ex-Kalshi lawyer sounded out for CFTC chair role
Milbank partner Josh Sterling, known for his ‘if they lose their shirt, that’s on them’ quip, is reportedly under consideration by White House officials
Former Kalshi lawyer Josh Sterling is being considered for the role of chair at the Commodity Futures Trading Commission (CFTC), according to reports.
As per global news site Semafor, Sterling is being vetted by White House officials as a candidate to head up the body which oversees the regulation of prediction markets in the US.
Sterling currently works as a partner at law firm Millbank LLP, having joined in July 2024.
He has had previous experience working at the CFTC, serving as director of its market participants division between July 2019 and February 2021.
Sterling has defended prediction market platform Kalshi on multiple occasions in its legal disputes with state regulators.
During July’s National Council of Legislators from Gaming States (NCLGS) Summer Meeting, when speaking about the merits of prediction markets, Sterling said: “People are adults, and they’re allowed to spend their money however they want. And if they lose their shirt, that’s on them.”
Meanwhile, former CFTC commissioner Brian Quintenz has been backed by President Donald Trump to assume the role of CFTC chair.
Quintenz served as the derivatives markets regulator’s commissioner from August 2017 until September 2021.
In addition to spending four years on Kalshi’s board since 2021, Quintenz previously served as an advisor to cryptocurrency exchange Cyrpto.com.
He has vowed to step down from his position with Kalshi should he be elected CFTC chair.
Last month, Nevada Congresswoman Dina Titus urged the CFTC to examine Quintenz’s potential conflicts of interest in his pursuit of the role of chair.
Quintenz’s ascension to the chairmanship has been peppered with delays, including cancelled hearings. He took to social media recently to share texts between himself and the Winklevoss twins after he accused the pair of asking President Trump to pause his confirmation.
Titus authored the FAIR BET Act, designed to repeal the gambling loss tax cap cut included in Trump’s One Big Beautiful Bill Act.