Crypto.com has refused the Commodity Futures Trading Commission’s demand to halt all transactions related to their sports contracts while the commission evaluates potential rule breaches in gaming regulations.
Based on a recent Bloomberg article, the Commodity Futures Trading Commission (CFTC) has requested that a cryptocurrency exchange temporarily halt all transactions involving sports-themed contracts. The CFTC officials are planning to examine these contracts to determine if they break any existing regulations.
In response, a representative from Crypto.com stated that they have declined the agency’s demand to stop all trades related to their eagerly anticipated sports deals. The company voiced displeasure over the agency’s approach, which appears to clash with the incoming Trump administration’s stance on trade and digital assets.
Our dedication to collaborating with the Commodity Futures Trading Commission (CFTC) remains unwavering. We plan to keep assisting our customers and maintaining the trading of our sports event contracts across all 50 states without any disruptions, as we carefully examine the CFTC’s recent communication.
🆕 For our American users, fresh competitions are now available on Sports!
Stand a chance to earn profit by accurately forecasting the results of:
⭐ NFL Conference Championships
⭐ Bowl Games
⭐ College Football Championship— Crypto.com (@cryptocom) January 7, 2025
The report indicates that the CFTC is requesting Crypto.com to temporarily halt all transactions involving their sports-related contracts, introduced at the end of December, to carry out an examination. If these contracts don’t satisfy the necessary conditions during this review, trading for them may be prohibited.
According to earlier reports from crypto.news, Crypto.com had informed the Commodity Futures Trading Commission (CFTC) about their intention to introduce future contracts for trading that allow investors to wager on significant sports events, prior to its actual debut. However, these contracts were launched two days before Christmas without the CFTC having a chance to examine them first.
The Commodity Futures Trading Commission (CFTC) is well-known for closely examining wagering agreements, particularly those concerning the results of sporting events, conflicts, political assassinations, Grammy Awards, and other matters disconnected from the common good.
In addition to Crypto.com, Polymarket offers an opportunity for traders to wager on the results of various sports matches, including the Super Bowl. However, it’s important to note that these contracts are not accessible for users residing in the U.S. Interestingly, last December, the Commodity Futures Trading Commission (CFTC) halted contract trading on Kalshi and other platforms about whether the accused murderer of UnitedHealthcare CEO Brian Thompson would admit guilt to the charges.
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2025-01-15 11:54