The regulator’s proposal for online prediction markets stands in clear opposition to congressional statute and its own rulemaking.
CFTC
Posted inMoney, Politics, and Power
Not All Nepo Babies Are Trumps
DSCC chair’s 22-year-old son strikes it big in pursuit of further gamifying finance.
Posted inLaw and Justice
Economic Hit Men for Gambling Apps
Former solicitor general Elizabeth Prelogar is writing justifications for prediction market gambling apps, joining several Biden administration colleagues defending the industry.
Posted inMoney, Politics, and Power
The Project Crypto Scheme
Forget deregulatory legislation; the SEC and CFTC are already working diligently to eliminate regulatory oversight of crypto at the behest of their president.
Posted inLaw and Justice
Prediction Markets May Have Inadvertently Outed Themselves as Casinos
By intervening in individual bets, companies like Kalshi and Polymarket are not acting as neutral market makers, as they have claimed in litigation.
Posted inMoney, Politics, and Power
Monetizing Regime Change
It is trivially easy for administration officials to use prediction markets to bet on the policies they authorize. We may have just seen it in Venezuela.
Posted inMoney, Politics, and Power
The Blockchain Association Just Bought the CFTC
The revolving door isn’t just corrupting the CFTC—it may end the pretense of a Commission altogether.
Posted inPolitics
Pelosi May Back Industry-Friendly House Crypto Bill
The industry has become a major spender in political campaigns, and the most prodigious fundraiser among Democrats is taking notice.
Posted inMoney, Politics, and Power
Wall Street’s Favorite Financial Regulator May Be Looking for a New Job
CFTC Chair Rostin Behnam’s term doesn’t end until 2026, but there are rumblings of an early exit to the private sector. Place your bets where he’ll end up next!
Posted inEconomic Policy
Democrats Ask Biden Financial Regulator to Reverse Industry-Friendly Derivatives Policy
Three Agriculture Committee senators want Rostin Behnam to drop a new rule that would grant exemptions on swap trades.