Crypto Leaders Unite Against CFTC Proposal That Could Ban Election Prediction Markets

Crypto has become large enough for a growing number of politicians to make it a point of discussion in the lead-up to the November elections. (Credit: Coinbase Twitter Video/Screenshot)

KEY POINTS

• Sen. Warren and other lawmakers have called on the CFTC to push through with the proposed rule
• Gemini's Cameron Winklevoss said decentralized prediction markets have true utility
• Coinbase said the proposed rule could be overstepping on the regulator's statutory authority

Key figures in the cryptocurrency industry are calling on the U.S. Commodity Futures Trading Commission (CFTC) to withdraw its proposed rule that could ban betting on politics through event contracts – contentious contracts that allow consumers to bet on future events with a potential profit. The show of unity came after several lawmakers urged the regulator to ban betting on the November elections.