Dragonfly, Crypto.com Weigh in on CFTC's Proposed Prediction Market Rules

Dragonfly Digital Management and Crypto.com have joined crypto exchange Coinbase (COIN) in criticizing the Commodities Futures Trading Commission's (CFTC) proposed rules on prediction markets. Critics say that the CFTC's proposed rules broadly categorize and ban certain event contracts, including those related to gaming – with Coinbase calling the CFTC's proposed definition of gaming too ambiguous. Dragonfly also argues that the CFTC's proposed rule overreaches by broadly banning prediction markets without proper evaluation, especially given the Supreme Court's recent 'Chevron' decision.

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