Gemini co-founders Tyler and Cameron Winklevoss are criticizing the Commodity Futures Trading Commission (CFTC) for proposing a new rule against event contracts.
In a new thread on the social media platform . of events such as elections, competitions or developments.
“The CFTC should withdraw its proposed rule on event contracts, which would categorically ban all event contracts in the US, such as those traded on Polymarket, the world’s largest prediction market. Americans should not be denied access to these powerful markets.”
According to Cameron Winklevoss, decentralized prediction markets are important because they “provide valuable information about future events that is rooted in financial accountability.” The billionaire further says that the CFTC’s proposed rule will be rejected by the court due to the latest Supreme Court ruling.
“There is nothing thoughtful about a blanket ban on markets that have been used in one form or another for decades and have proven to be extremely reliable tools for predicting future events…
This proposed rule, if adopted, will be rejected by the courts. The Supreme Court’s recent ruling in Loper Bright Enterprises v. Raimondo makes clear that regulators cannot expand their power through regulation, and that is exactly what this proposed rule would do.
In a recent press release, the CFTC said it proposed the change to specify the types of contracts covered by the Commodity Exchange Act (CEA) as a means to protect the public’s interests. The proposal examines event contracts involving “gaming” as activities considered unlawful under federal or state law.
According to the CFTC, gaming includes event contracts that wager on the outcome of a political contest, sweepstakes and athletic competition.
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