The U.S. Commodity Futures Buying and selling Fee (CFTC) has pushed again in opposition to Tremendous Bowl occasion contracts launched by the change Crypto.com and the retail betting market Kalshi.
The retail buying and selling large Robinhood announced on Monday that it deliberate to roll out a prediction marketplace for the Tremendous Bowl on Kalshi.
The corporate walked back that announcement the next day, noting that the CFTC had requested that the agency “not allow prospects to entry” sports activities occasions contracts.
Explains Robinhood,
“Whereas we proceed to work with the CFTC to know their issues, we’re suspending the rollout of the Professional Soccer Championship market. Now we have rolled this product out to roughly 1% of our prospects, and for many who already positioned trades, we plan on offering the choice to shut their positions or take them to decision.
We’re upset by this consequence, particularly on condition that we had been in common communication with the CFTC about our intent and plans to supply this product. We’ve additionally taken steps to advocate for balanced regulation within the futures and derivatives markets, together with taking part immediately in a CFTC roundtable, offering written suggestions to the CFTC, and usually championing the financial advantages of occasion contracts.
Robinhood Derivatives will proceed to collaborate with the CFTC as we work to roll out a extra complete occasion contracts platform later this 12 months.”
The CFTC additionally announced final month that it was probing two of Crypto.com’s sports activities contracts, noting the contracts might contain gaming exercise that’s prohibited by commodity regulations.
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