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US CFTC Released Prediction Market Advisory Opinion, Emphasizing Trading Platforms Must Comply with Regulatory Requirements
ChainCatcher news reports that, according to the CFTC official website, the U.S. Commodity Futures Trading Commission (CFTC) has issued a consultation on predictive markets concerning the listing of event contracts. Given the rapid development of predictive markets, the agency aims to promote their growth and innovation while reminding Designated Contract Markets (DCMs) to fulfill their regulatory obligations under the Commodity Exchange Act (CEA) and Commission regulations.
The consultation emphasizes the regulatory responsibilities of DCMs in complying with Section 5(d) of the CEA, Part 38, Core Principles 3 of DCMs, and the Appendix C guidelines, as well as product submission requirements. It also discusses certain details that may be particularly relevant to sports event contracts.
The Market Oversight Division believes that, as frontline regulators, DCMs should proactively take measures to ensure that their markets continuously comply with the requirements of the CEA and Commission regulations during their development.