The CFTC is reportedly voting on whether to begin a 90-day review of Crypto.com’s sports event contracts over alleged gambling-rule violations. Crypto.com said it was disappointed that the departing commission leadership was considering the action before its successors took office.
A review could affect the regulatory status of sports event contracts offered by a company named in the report.
The day’s most important stories, free. One email a day.
New Jersey has petitioned the US Supreme Court over whether sports prediction contracts are exempt from state gambling laws. The state challenges an appellate ruling that prevented its gaming authorities from blocking Kalshi’s sports contracts. The Supreme Court has yet to decide whether to hear the case.
Acting CFTC chair Caroline D. Pham announced a planned roundtable to gather views on the regulator’s approach to prediction markets, including sports-related event contracts. It will follow a 45-day review of sports-event contracts offered by several companies, including Robinhood and Crypto.com.
Meta is reportedly developing Arena, an app for user predictions on sports, politics, economics and entertainment, initially using points rather than real-money wagers. Mark Zuckerberg has reportedly asked staff to assess potential partnerships with Polymarket and Kalshi, but no agreement terms are known and the companies have not commented. The project remains in internal development, with a standalone launch and later integration into Meta services described as possibilities.
Gemini Space Station is reportedly considering offering event contracts to clients, while its designated contract market application with the CFTC remains pending. The company filed for the status in May through Gemini Titan; approval would be required to offer event contracts in the US.
The White House is reportedly discussing other candidates to lead the Commodity Futures Trading Commission as opposition to Brian Quintenz’s nomination grows. The report names Michael Selig and Tyler Williams as possible candidates; Senate votes on Quintenz’s nomination have been delayed twice.