US: Derivatives Regulator Advances Prediction Market Plan
Highlights
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The CFTC on Monday proposed guidance on the regulation of prediction markets.
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CTFC Chairman Selig advocates a single regulatory regime for derivatives products across the United States.
Republican Chairman of the US Commodity Futures Trading Commission, Michael Selig, has suggested that new guidance for prediction markets will be issued soon. This came amid the growing scrutiny of the controversial fast-growing markets.
The regulation is heightened when a famous prediction market platform, such as Kalshi and Polymarket, is facing backlash after allowing bets on the potential death of Iran’s Supreme Leader Ayatollah Ali Khamenei, raising serious concerns among the US authorities.
On 3rd March, the CFTC agency has forwarded an “advance notice of proposed rulemaking” (ANPR) to the president’s table for review.
Two months after Michael Selig became CFTC Chairman, the regulatory body has intensified its oversight of the prediction market.
Selig, during the event in Washington, stated that “The more we try to block these markets, we saw with crypto, it just goes offshore.” Rather, he emphasized setting clear standards for the prediction market in the US state, or else we might feed the black market offshore.
The prediction market gained traction during the 2024 US election, where real-time probabilities proved more accurate than polling in predicting Donald Trump’s victory.
Prediction markets allow players to bet on a wide range of real-world events, from sports to politics and the economy.
Selig on Tuesday said the US regulatory regime should set a single standard across all 50 states.
For the full news story, Read Here!
The regulation is heightened when a famous prediction market platform, such as Kalshi and Polymarket, is facing backlash after allowing bets on the potential death of Iran’s Supreme Leader Ayatollah Ali Khamenei, raising serious concerns among the US authorities.
On 3rd March, the CFTC agency has forwarded an “advance notice of proposed rulemaking” (ANPR) to the president’s table for review.
Two months after Michael Selig became CFTC Chairman, the regulatory body has intensified its oversight of the prediction market.
Selig, during the event in Washington, stated that “The more we try to block these markets, we saw with crypto, it just goes offshore.” Rather, he emphasized setting clear standards for the prediction market in the US state, or else we might feed the black market offshore.
The prediction market gained traction during the 2024 US election, where real-time probabilities proved more accurate than polling in predicting Donald Trump’s victory.
Prediction markets allow players to bet on a wide range of real-world events, from sports to politics and the economy.
Selig on Tuesday said the US regulatory regime should set a single standard across all 50 states.
For the full news story, Read Here!
