**Gemini Urges CFTC to Rethink Proposed Ban on Prediction Markets**

Cryptocurrency exchange Gemini is pushing back against a proposed U.S. regulation that would ban all event contracts on decentralized prediction markets. In an August 8 letter to the CFTC, Gemini highlighted the negative impact this rule could have, especially on markets predicting election outcomes.

Co-founder Cameron Winklevoss emphasized the transparency and integrity of platforms like Polymarket, arguing they offer a unique public utility by requiring participants to have "skin in the game."

Coinbase also voiced concerns, with Chief Legal Officer Paul Grewal urging the CFTC to reconsider and collaborate with various stakeholders for a balanced approach.

This comes as U.S. lawmakers express worries that such markets could interfere with elections and erode public trust. Despite this, platforms like Polymarket have seen record trading volumes, driven by speculation over the 2024 presidential election.