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The Commodity Futures Trading Commission (CFTC) debates whether to investigate Crypto.com’s sports betting contracts.
Crypto.com
$8.91B
allows users to bet on college and professional football games, including the Super Bowl. Individual users can trade up to 2,500 contracts priced at $100 each, while market makers can hold up to 250,000 contracts.
The CFTC’s five commissioners are discussing a 90-day review of the contracts, which could determine their legality.
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According to a January 14 report by Bloomberg, the CFTC cannot immediately halt trading of the contracts. However, a ruling after the Super Bowl on February 9 could result in their ban.
Crypto.com informed the CFTC on December 19 about plans to launch the contracts, which began trading on December 23. The agency, however, lacked time to review them due to the holiday season and potential government shutdowns.
This situation arises during ongoing efforts by the CFTC to regulate event-based contracts. Such contracts let users bet on outcomes ranging from sports to political events. Platforms like Polymarket have popularized these markets but restricted access to US users to avoid regulatory issues.
The CFTC has also challenged other platforms, such as Kalshi, for offering contracts on political elections, claiming they violate gambling laws. Crypto.com, however, pointed to the CFTC’s loss in that case as giving legal clarity for its event-based contracts.
Meanwhile, Coinbase recently received a legal request linked to Polymarket from the CFTC. How did the company respond? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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