Crypto and Prediction Markets Gain Favor with CFTC
Voters are skeptical of the cryptocurrency industry, with over 70% believing it benefits insiders and scammers. The Commodity Futures Trading Commission (CFTC) has recently taken actions that favor both crypto companies and prediction market platforms.
The CFTC's Innovation Advisory Committee (IAC), formed by Chair Mike Selig, is dominated by representatives from the crypto industry and prediction markets. Of its 35 members, 16 represent crypto and decentralized finance, while five represent prediction markets.
These industries have been given favorable regulatory status, with the CFTC approving perpetual futures contracts for Bitcoin and giving them almost everything they wanted in proposed rules governing prediction markets. The CFTC has also sided with these firms in court cases, even ordering one to execute bets despite a state court's orders.