As a researcher with years of experience in the financial sector and a keen interest in the dynamic world of cryptocurrencies, I find myself deeply intrigued by the recent turn of events regarding the U.S. Commodities Futures Trading Commission (CFTC) and its proposed rule on event contracts. The Winklevoss twins, renowned for their pioneering work in the crypto space through Gemini, have joined forces with other industry leaders such as Coinbase to voice their concerns about this proposed rule.
Tyler Winklevoss and Cameron Winklevoss, also known as the Winklevoss twins, called upon the U.S. Commodities Futures Trading Commission (CFTC) on Saturday to reconsider its proposed rule regarding event contracts. Notable crypto companies like Coinbase have voiced concerns over this proposed regulation, which could potentially prohibit platforms such as Polymarket from operating.
Winklevoss Twins Urges CFTC to Withdraw Event Contracts Rule
Cryto exchange Gemini, similar to platforms like Coinbase, advocated for the U.S. Commodity Futures Trading Commission (CFTC) to reconsider a proposed guideline on futures contracts. They argue that the rule is unclear and expands the interpretation of what constitutes “gambling“. Gemini stated that this proposal contradicts the legal framework of the Commodity Exchange Act.
According to Cameron Winklevoss, Gemini Trust Company has officially requested the withdrawal of a proposed regulation from the commodities regulator. This proposed rule aimed to prohibit all event contract trading within the United States, including contracts like those traded on Polymarket.
“Tyler Winklevoss argues that the Commodity Futures Trading Commission (CFTC) should reconsider its proposed ban on all event contracts, such as those traded on platforms like Polymarket. According to him, it’s crucial for Americans not to be deprived of these dynamic market opportunities.”
The Winklevoss twins suggested that the regulatory body should reconsider its proposal to prohibit event contracts, emphasizing the significant economic implications. They believe it’s crucial for regulations to be well-considered and not swayed by political influence. Specifically, they urged the Commodity Futures Trading Commission (CFTC) to disregard Senator Elizabeth Warren’s advocacy for a ban on election betting on Polymarket, arguing that such a ban could hinder innovation in this area.
Why the Rule Can Be Struck Down by the Courts?
As a crypto investor, I’ve expressed my concern that Senator Warren and SEC Chair Gary Gensler have compromised the integrity of the Securities and Exchange Commission (SEC). I firmly believe they have tarnished its reputation. In light of this, I implore the U.S. Commodity Futures Trading Commission to maintain a distance from the SEC and instead focus on what is truly beneficial for American people in our rapidly evolving digital asset market.
Despite the potential implementation of the new rule, legal challenges may lead to its cancellation, as indicated by the latest Supreme Court decision in Loper Bright Enterprises vs. Raimondo. This ruling underscores that administrative bodies do not have the authority to broaden their powers via rulemaking.
Instead of barring American access to these markets, the commodities watchdog should reconsider and rescind the proposed regulation, according to Gemini. Commissioner Summer Mersinger highlighted that the proposed rule goes beyond the legislative power that Congress conferred upon the commission.
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2024-08-10 11:50