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Industry
July 1, 2024
CFTC Extends Public Comment Period for Proposed Election Bets Ban
The US government agency that focuses on prosecuting and investigating commodities fraud, hedge fund fraud, energy manipulation and other crimes, the Commodity Futures Trading Commission (CFTC), announced it extended its public comment period for proposed changes to its rules related to event contracts. In May, the agency confirmed its intention to ban derivative betting on […]
Industry
May 13, 2024
CFTC Considers Banning Derivative Betting on Sports and Elections
Ahead of the presidential elections in the United States, a financial regulator has moved closer to implementing a ban on derivatives for betting on political contests and sports. Although it remains unclear if the ban would be implemented in time or if at all, in case this happens, bettors looking to place wagers on the […]
Poker
April 15, 2024
Poker Pro Dan Shak Settles Spoofing Allegations with CFTC
Dan Shak, a semi-professional poker player and hedge fund manager, has reached a settlement with the Commodity Futures Trading Commission (CFTC) two years after he was charged with spoofing. While Shak was confident that he could have prevailed at trial, he decided that resolving the matter quickly was more important. According to CFTC’s allegations, Shak […]
Industry
September 26, 2023
CFTC Rejects Kalshi’s Congressional Betting Proposal
In addition to sports betting, placing wagers on different events has been gaining popularity over the last few years. Along with that, came attempts to place wagers on political outcomes, an activity that is criticized rightfully given its nature. Back in 2020, KalshiEX LLC became the first regulated financial exchange dedicated to trading event contracts. […]
Industry
August 8, 2023
Concerned Lawmakers Speak Against Betting on Political Outcomes
Betting on political events is a relatively new activity that has seen some popularity recently. Similar to sporting events, election market bets for political events can favor one candidate or another. In some cases, bettors can wager how far a candidate may go through a political campaign or when they may drop off. In sports, […]
Legal
July 25, 2023
US Fifth Court of Appeals Sides with PredictIt in CFTC Lawsuit
PredictIt is a popular platform that enables customers to place wagers regarding the outcome of financial, as well as political events. The betting platform has been involved in a lawsuit for quite some time now after the Commodity Futures Trading Commission (CFTC) asked it to discontinue its offering last summer. In response, PredictIt filed a […]
Legal
March 21, 2023
PredictIt Has Until April 5 to Respond to a CFTC Letter
PredictIt, a platform that allows customers to wager on political and financial events, is under fire by US regulators that seek to shut down the exchange. In response, the exchange filed a lawsuit, which still continues. Amid the heated battle between PredictIt and the Commodity Futures Trading Commission, the exchange’s deadline to respond to a […]
Industry
January 24, 2023
PredictIt to Shut Down for Violating Terms of Operation
PredictIt, the popular futures exchange tied to political events, has until February 15 to close all existing markets and shut down, putting an end to the legal availability in the US of bets on political events. Violation of Terms Established in collaboration with the Victoria University of Wellington, in New Zealand, PredictIt is now facing […]
Legal
October 28, 2022
CFTC to Rule on Elections Market Bets
The Commodity Futures Trading Commission (CFTC), which is the primary derivatives regulator in the US, is expected to decide on a very important matter by the end of this week: should traders be allowed to place market bets on the upcoming elections in the country? Opposing voices have issued warnings regarding the risks associated with […]
Blockchain
January 4, 2022
Wagering Platform Polymarket Fined by CFTC
The Commodity Futures Trading Commission (CFTC) has fined Polymarket for its cryptocurrency prediction service, and ordered it to close down its markets. Users will also be offered full refunds to settle charges that the company did not register with the regulator. Polymarket Fined Over Violations The penalties were announced by the CFTC on Monday. Polymarket, […]
