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Gemini founders, the Winklevoss twins, have called on the U.S. Commodity Futures Trading Commission (CFTC) to withdraw a vague rule that would ban event contracts affecting Polymarket.
The Winklevoss twins, Tyler and Cameron Winklevoss, said on Saturday that they are calling on the U.S. Commodity Futures Trading Commission (CFTC) to withdraw its proposed rule on event contracts. Crypto companies like Coinbase are opposing the proposal, which would ban prediction markets like Polymarket.
Gemini Founders, the Winklevoss Twins, Call on the CFTC to Withdraw Event Contracts Rule
Crypto exchange Gemini, along with companies like Coinbase, have called on the commodity regulator CFTC to withdraw a proposed rule on event contracts. The proposal is seen as a vague rule that expands the definition of “game.” Gemini argues that this proposal violates the legal framework of the Commodity Exchange Act.
Cameron Winklevoss announced that Gemini has submitted a letter to the regulator requesting that the Proposed Rule on Event Contracts be withdrawn. This rule would categorically ban all event contracts traded in the US, such as Polymarket.
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“The CFTC should withdraw its Proposed Rule that would categorically ban all event contracts traded in the US, such as those traded on Polymarket. Americans should not be deprived of access to these powerful markets,” Tyler Winklevoss said.
The Winklevoss twins urged the regulator to reconsider the proposed event contract ban because it has significant economic implications. The regulator should enact thoughtful regulations, without relying on political pressure. They also called on the CFTC to ignore Senator Elizabeth Warren’s arguments against banning election betting on Polymarket, which would stifle innovation.
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