CFTC Withdraws Proposed Ban on Political Event Contracts

Mike Selig, the new chairman of the U.S. Commodity Futures Trading Commission, has announced the withdrawal of the 2024 draft rule aimed at banning political event contracts in prediction markets. According to NS3.AI, this rule, proposed by the previous administration, faced criticism for being a 'policy overreach.' The decision to retract the rule indicates a possible shift towards a more lenient regulatory stance on prediction market contracts.