JPMorgan Chase CEO Jamie Dimon said the bank may enter prediction markets, but any offering would exclude sports and politics contracts. He said the bank would maintain strict controls on insider information; no decision to proceed was announced.
A potential entry by JPMorgan Chase could bring a major financial institution into prediction markets while excluding sports contracts.
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Major League Baseball Commissioner Rob Manfred said MLB is considering working with prediction market platforms to strengthen sports integrity. He told team owners that prediction markets operate under a different regulatory framework from state-regulated sports betting.
Kalshi sought relief from state enforcement as prediction market disputes increasingly reached federal appeals courts. Crypto.com agreed to wait for a Ninth Circuit ruling, while the CFTC moved towards new sector rules.
New Jersey’s attorney general’s office sought an extension on 26 June to petition the US Supreme Court over prediction markets, according to reports. The state is considering a formal request by 4 September, while a bill that received an initial legislative approval would impose a 9% tax on prediction market operators.
Robinhood Markets is recording growth in non-sports prediction markets, with price volatility contracts on Bitcoin, crude oil and gold among its fastest-growing products, an executive said at the Next Predict Summit. The company said event-contract traders often move into equities, crypto, futures and options.
Nevada senator Catherine Cortez Masto said sports prediction markets constitute gambling and criticised a CFTC directive on access to federally regulated exchanges. The directive gave exchanges 30 days to comply or explain why they could not, a requirement that the coverage says complicates operators’ responses to state court orders.
Federally regulated exchanges have 30 days to lift restrictions based on traders’ residence within the United States or explain why they cannot, under an order issued last week by the CFTC. The order added compliance difficulties for prediction market operators facing court-ordered access limits in states including Michigan, Nevada and Washington.