Gemini, Robinhood and other companies jointly oppose CFTC restrictions on political prediction markets

A rule change proposed by the U.S. Commodity Futures Trading Commission (CFTC) that could threaten prediction markets, including the fast-growing Polymarket, has been opposed by several companies including Gemini, Crypto.com, Robinhood and Coinbase, as well as well-known blogger Scott Alexander. They argue that the CFTC should not ban political prediction markets because it would deprive the American people of access to these powerful markets. The CFTC's proposal seeks to explicitly ban so-called "event contracts," including the results of political contests, award competitions, or athletic competitions. Opponents argue that the CFTC should reconsider its proposal and work with industry stakeholders to build trust. (The Block)