Gemini and Coinbase Push Back Against CFTC's Restrictive Prediction Market Proposal
Saturday, 10 August 2024, 08:59
Overview of the CFTC's Proposed Rule
The CFTC has initiated a proposed rule that seeks to impose strict regulations on prediction markets. This move has raised significant concerns within the cryptocurrency community.
Response from Key Players
- Gemini and Coinbase have both criticized this rule.
- They argue that the proposal misinterprets the Commodity Exchange Act.
- Both companies emphasize the lack of strong evidence to substantiate the need for these regulations.
Conclusion
The responses from Gemini and Coinbase illustrate a crucial pushback against perceived overreach by regulatory authorities. Their challenge to the CFTC's proposed regulations not only highlights the need for dialogue between regulators and the crypto industry but also sets a precedent for future regulatory engagements.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.