Gemini and Coinbase, two major cryptocurrency exchanges, are facing off against the CFTC (US Commodity Futures Trading Commission) in a heated debate over a ban on decentralized prediction market betting in 2024. The dispute stems from a proposed rule by the CFTC that could ban all event contracts on prediction platforms, including election outcome prediction markets.
Gemini has been vocal in its opposition to the rule, calling it a threat to the growth of prediction markets, where investors and users can bet and predict the outcome of future events. According to Gemini, the ban could have serious negative impacts and limit innovation in the space.
In a letter to Christopher Kirkpatrick of the CFTC, Gemini highlighted the implications that the rule could have on the market, especially when it comes to predicting the outcome of events like elections. They argue that decentralized event contracts play an important role in providing market information and increasing transparency.
This is creating a serious conflict between cryptocurrency exchanges and the CFTC, as the two sides have opposing views on the role and impact of these regulations on the market and consumers. This debate is expected to continue to attract the attention of the cryptocurrency community and investors in the coming time.
source: zafar Naik
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