Pham Defines CFTC Role
Caroline Pham has been vocal about what she believes the role of the CFTC should be with prediction markets.
“The CFTC has a role in regulating event contracts as a market regulator, but it is essential that the CFTC does not encroach upon the prerogatives of states,” said Pham. “An appropriate event contracts proposal would have struck a balance between federal oversight and state autonomy by focusing on the CFTC’s core mandate of promoting market stability and protecting market participants from fraud and abusive practices.”
Crypto.com Refuses CFTC Request
Pham’s new position comes just days after the CFTC sent a letter requesting Crypto.com suspend its sports prediction markets. https://aq999gameapp.com/The company loudly refused the request, buoyed by the confidence that President Trump would side with it. Their hopes seem to have been confirmed, as Pham has been appointed to lead the commission.
Several lawmakers have been warning about prediction markets. These markets allow users to bet against the public instead of the house, which is outside the legal definition of gambling.
Political Betting Also at Stake
While sports prediction markets are currently at the center of the fight between the CFTC and trading platforms, political ones are also becoming popular. US Congress is attempting to ban political betting, an effort that also includes prediction markets.
The CFTC opposes political markets, but Pham has different ideas. While she may not have the power to make the final decision on their legality, she seems to represent the views of President https://aq999gameapp.com/Trump and the ruling Republican party.
