Commodity Futures Trading Commission Chair Michael S. Selig said Thursday that the regulator will draft “clear rules” for prediction markets and withdraw a proposal that prohibits sports and politics-related contracts.
CFTC Announces Major Policy Shift
Selig said the commission is withdrawing previous proposals and advisories that have led to market uncertainty.
“It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these [prediction] markets,” Selig declared in a public statement.
Selig told the agency staff to drop the 2024 rule proposal that prohibited political and sports event contracts. He also directed them to scrap the 2025 advisory that urged prediction markets to exercise caution over offering sports contracts due to legal concerns.
Selig Wants Clarity For Prediction Market Participants
In addition, the CFTC is drafting “clear standards” for event contracts.
“For too long, the CFTC’s existing framework has proven difficult to apply and has failed our market participants,” Selig remarked.
Selig said he’s also asked the staff to reevaluate its …Full story available on Benzinga.com
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