Winklevoss Twins; Coinbase Criticize CFTC’s Event Contracts Ban

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Gemini and Coinbase oppose the CFTC’s plan to regulate event contracts, saying it could harm cryptocurrency innovation and prediction markets.

Cameron Winklevoss noted a recent Supreme Court ruling that might challenge the CFTC’s ban, which could also impact platforms like Polymarket.

Coinbase has strongly opposed the CFTC’s proposal to regulate event contracts, questioning the commission’s authority to impose such a ban. The company expressed concerns that labeling event contracts under the broad category of ‘gaming’ is not in the public interest and would hinder the industry’s progress.

Cameron Winklevoss echoed these concerns in a thread posted on X, emphasizing the need for greater transparency and the importance of prediction platforms in this context.

He noted that the proposed rules would ban all event contracts in the USA, which could severely impact leading prediction markets like Polymarket. Winklevoss argued that these emerging markets, which capture the ‘voice of the crowd,’ deserve protection rather than prohibition.

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