CFTC backs Crypto.com in prediction markets appeal
The CFTC is filing an amicus brief supporting Crypto.com in litigation before the Ninth US Circuit Court of Appeals, according to the report. Chair Michael Selig supports trading in sports event contracts and plans to revise the agency’s rules on prediction markets. State officials and gaming regulators argue that sports contracts constitute illegal betting under state law.
The CFTC’s position could affect how prediction-market platforms offering sports contracts are regulated across the United States.