Gemini letter to US CFTC: Opposes Ban on Decentralized Prediction Markets
CryptoNewsTerminal Staff10 Aug, 2024
Gemini letter to US CFTC: Opposes Ban on Decentralized Prediction Markets
Gemini, a cryptocurrency exchange, has urged the U.S. Commodity Futures Trading Commission (CFTC) to abandon its proposed ban on decentralized prediction markets, according to Cointelegraph.
"Decentralized prediction markets are innovative systems with public utility. Unlike polls and pundits, they leverage participants’ skin in the game to reveal information," said Gemini. Coinbase's chief legal officer, Paul Grewal, added: "We hope the CFTC will find a more balanced approach that protects the public interest — decentralized prediction markets are a huge boon to the public." The CFTC has previously faced pressure from bipartisan U.S. senators and representatives to finalize rules that would ban betting on political events.
