CFTC Acting Chairman: Prediction markets are an important new area that requires clear regulation

Odaily Planet Daily News The U.S. CFTC announced on Wednesday that it would hold a public roundtable to review prediction markets, and its acting chairwoman Caroline D. Pham said that such platforms need to be more clearly regulated. She said: "Unfortunately, the undue delays and anti-innovation policies of the past few years have severely limited the CFTC's ability to move to common-sense prediction market regulation." She pointed out that the prediction market is an "important new field" that can use the power of the market to bring truth to the information age. Pham believes that "the CFTC's current interpretation of event contracts is an abyss of legal uncertainty and an inappropriate constraint on the new administration. The CFTC must break the past hostility to innovation and take a forward-looking attitude towards future possibilities." She said that the public roundtable is a necessary first step in establishing a comprehensive regulatory framework for prediction markets, because the new framework aims to promote platforms while protecting users from deceptive market practices. The forum will address several key obstacles to establishing a framework, including past CFTC decisions, court orders and enforcement actions, as well as general interpretations of prediction market event contracts. The statement said: "Participants will include a variety of experts and stakeholders representing many different interests in these issues." However, no names were mentioned for the prediction markets that will be discussed at the public roundtable. The roundtable is scheduled to take place at the CFTC headquarters in Washington, D.C. Further details about the event have not yet been announced. (The Block)