{"id":26402,"date":"2024-08-11T14:00:16","date_gmt":"2024-08-11T11:00:16","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26402"},"modified":"2024-08-11T12:30:31","modified_gmt":"2024-08-11T09:30:31","slug":"cftc-faces-opposition-on-political-betting-market-ban","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/cftc-faces-opposition-on-political-betting-market-ban\/","title":{"rendered":"CFTC Faces Opposition on Political Betting Market Ban"},"content":{"rendered":"<p>From Gemini and Crypto.com to Robinhood and powerful blogger Scott Alexander, several business executives across crypto and fintech have expressed their opposition to a proposed regulatory change that would see political prediction markets prohibited in the United States.<\/p>\n<p>Elizabeth Warren and other Democrats have lately pushed the<strong> U.S. Commodity Futures Trading Commission (CFTC)<\/strong> to finalize a rule clarifying that prohibited so-called &#8220;event contracts&#8221; include<em> &#8220;staking or risking something of value on the outcome of a political contest, an awards contest, or a game in which one or more athletes compete, so banishing such contracts from trading by <strong>CFTC-registered<\/strong> entities.&#8221;<\/em><\/p>\n<p>&#8220;<em>As we approach the 2024 election, voters already face a political system that allows the richest individuals and corporations to funnel dark money into campaigns without disclosure<\/em>,&#8221; the legislators stated in the letter. &#8220;<em>The U.S. remains a target for foreign players who have tried to influence our elections; the threat of violence and extremism is great. Voters on their way to the polls seldom need bets on the result of that election.&#8221;<\/em><\/p>\n<p>Stakeholders in the crypto and fintech sectors, which have lately warmed to prediction markets, have openly opposed the planned rule change. Gemini co-founder Cameron Winklevoss joined Coinbase&#8217;s <a href=\"https:\/\/x.com\/cameron\/status\/1822119376482685020\">remark on X<\/a>, stating, <em>&#8220;Rather than forging ahead and denying Americans access to these powerful markets, the <strong>CFTC<\/strong> should withdraw this Proposed Rule and go back to the drawing board with industry stakeholders. This would be the trust-building move.&#8221;\u00a0<\/em><\/p>\n<h2>Concerns Over Regulatory Overreach<\/h2>\n<p>Ethereum.com Steve Humenik, SVP, also offered a remark that the <strong>CFTC<\/strong> shouldn&#8217;t overuse its power.<em> &#8220;Congress had the ability to draft much more simply &#8216;the following types of event contracts are prohibited,&#8217; but it did not,&#8221;<\/em> his letter notes.<\/p>\n<p>Likewise, associate general counsels Jessica Furr and Bryan Edelman of crypto VC Dragonfly Capital stated in their submission that the Supreme Court&#8217;s revocation of the Chevron doctrine indicates the <strong>CFTC<\/strong> has to make sure it can defend its power to control these contracts.<\/p>\n<p><em>&#8220;The <strong>CFTC<\/strong> is neither a gambling nor an election regulator and is not equipped to regulate this market; whether the <strong>CFTC<\/strong> has jurisdiction over election events contracts requires a court\u2019s determination,&#8221;<\/em> they said.<\/p>\n<p>Other voices expressing disapproval included Robinhood, prominent blogger Scott Alexander of the Astral Codex Ten Substack, and the creator of popular election odds aggregator ElectionBettingOdds.com.<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Gemini and Crypto.com to Robinhood and powerful blogger Scott Alexander, several business executives across crypto and fintech have expressed their opposition to a proposed regulatory change that would see political prediction markets prohibited in the United States. Elizabeth Warren and other Democrats have lately pushed the U.S. Commodity Futures Trading Commission (CFTC) to finalize<\/p>\n","protected":false},"author":6,"featured_media":26403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1281,1575,2059,2946],"class_list":["post-26402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cftc","tag-crypto-com","tag-gemini","tag-robinhood"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CFTC Faces Opposition on Political Betting Market Ban - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/cftc-faces-opposition-on-political-betting-market-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC Faces Opposition on Political Betting Market Ban - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"From Gemini and Crypto.com to Robinhood and powerful blogger Scott Alexander, several business executives across crypto and fintech have expressed their opposition to a proposed regulatory change that would see political prediction markets prohibited in the United States. 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