According to Cointelegraph, the cryptocurrency exchange Gemini called on the U.S. Commodity Futures Trading Commission (CFTC) to withdraw the proposed regulations, which, if passed, would ban event contracts in all decentralized prediction markets.

Cameron Winklevoss, co-founder of Gemini, stressed that these crypto prediction platforms offer a level of transparency and integrity that other platforms cannot match, especially when it comes to predicting elections. Winklevoss believes that the CFTC should withdraw the proposal and calls decentralized prediction markets an important innovation with public utility.

Earlier news, Coinbase criticized the U.S. Commodity Futures Trading Commission (CFTC) on Thursday night, opposing its proposed rules to ban certain event contracts.