Dragonfly and Crypto.com criticize CFTC's proposed prediction market rules

2024-08-12 12:33:04

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ChainCatcher news, Dragonfly and Crypto.com criticize the CFTC's proposed rules for prediction markets.

According to relevant parties, the rules proposed by the CFTC broadly categorize and prohibit certain event contracts, including those related to gambling (Coinbase claims that the CFTC's definition of gambling is overly vague) and election contracts. This has raised concerns that such overreach exceeds statutory authority, stifles innovation, and overlooks the economic benefits these contracts provide.
Jessica Furr from Dragonfly and their legal advisor Bryan Edelman wrote in a letter to the CFTC: "Political event contracts should not be equated with gambling games like the Super Bowl. Instead, elections have significant economic impacts. These contracts are designed to serve a critical risk hedging function, comply with the Commodity Exchange Act (CEA), and provide valuable predictive data to the public."

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